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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)
------------------------------
SCPIE HOLDINGS INC.
(Name of Issuer)
COMMON STOCK, $0.0001 PAR VALUE PER SHARE 78402P104
(Title of class of securities) (CUSIP number)
NEIL H. KOFFLER
SC FUNDAMENTAL LLC
420 LEXINGTON AVENUE, SUITE 2601
NEW YORK, NEW YORK 10170
(212) 888-9100
(Name, address and telephone number of person authorized
to receive notices and communications)
WITH A COPY TO:
DAVID E. ZELTNER, ESQ.
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153-0119
(212) 310-8000
OCTOBER 22, 2002
(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 ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-(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 ss. 240.13d-7 for other
parties to whom copies are to be sent.
* 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 purposes of Section 18 of the Securities Exchange Act of
1934 (the "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.)
(Continued on following pages)
(Page 1 of 25 Pages)
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CUSIP No. 78402P104 13D Page 2 of 25 Pages
-------------------------------------------------------------------- -----------------------------------------------
------------------------- ---------------------------------------------------------------- -------------------------------------
1 NAME OF REPORTING PERSON SC FUNDAMENTAL VALUE FUND, L.P.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------------------- --------------------------------------------------------------------------------------------------- --
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
------------------------- --------------------------------------------------------------------------------------------------- --
3 SEC USE ONLY
------------------------- ---------------------------------------------------------------------------- -------------------------
4 SOURCE OF FUNDS: WC/OO
------------------------- ------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
------------------------- ------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
------------------------- --- ----------------------- --------------------------------------------------------------------------
7 SOLE VOTING POWER: 187,040
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------------------
----------------------- --------------------------------------------------------------------------
8 SHARED VOTING POWER: 0
-------------------------
----------------------- --------------------------------------------------------- ----------------
9 SOLE DISPOSITIVE POWER: 187,040
-------------------------
----------------------- --------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 0
-------------------------
------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON:
187,040
------------------------------------------------------------------------------------- ----------------
-------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES: [ ]
------------------------------------------------------------------------------------------------------
-------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.90%
------------------------- ------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
------------------------- ------------------------------------------------------------------------------------------------------
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Page 3 of 25 Pages
-------------------------------------------------------------------- 13D ---------------------------------------------
------------------------- ---------------------------------------------------------------- -------------------------------------
1 NAME OF REPORTING PERSON SC FUNDAMENTAL LLC
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------------------- ------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
------------------------- ------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------------- ------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------------------- ------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e):
------------------------- ------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: New York
------------------------- ------------------------------------------------------------------------------------- ----------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------------------
----------------------- --------------------------------------------------------------------------
8 SHARED VOTING POWER: 187,040
-------------------------
----------------------- --------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
-------------------------
----------------------- --------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 187,040
-------------------------
------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
187,040
------------------------------------------------------------------------------------------------------
-------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES: [ ]
------------------------------------------------------------------------------------------------------
-------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.90%
------------------------- ------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
------------------------- ------------------------------------------------------------------------------------------------------
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13D Page 4 of 25 Pages
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------------------------- ------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON SC FUNDAMENTAL VALUE BVI, LTD.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------------------- ------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
------------------------- ------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------------- ------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------------------- ------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e):
------------------------- ------------------------------------------------------------------------------------- ----------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: British Virgin Islands
------------------------- --- ----------------------- --------------------------------------------------------- ----------------
7 SOLE VOTING POWER: 305,160
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------------------
----------------------- --------------------------------------------------------- ----------------
8 SHARED VOTING POWER: 0
-------------------------
----------------------- --------------------------------------------------------- ----------------
9 SOLE DISPOSITIVE POWER: 305,160
-------------------------
----------------------- --------------------------------------------------------- ----------------
10 SHARED DISPOSITIVE POWER: 0
-------------------------
------------------------------------------------------------------------------------- ----------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
305,160
------------------------------------------------------------------------------------- ----------------
-------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES: [ ]
------------------------------------------------------------------------------------------------------
-------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.11%
------------------------- ------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------------------- ------------------------------------------------------------------------------------------------------
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13D Page 5 of 25 Pages
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------------------------- ---------------------------------------------------------------- -------------------------------------
1 NAME OF REPORTING PERSON SC-BVI PARTNERS
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------------------- ------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
------------------------- ------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------------- ------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------------------- ------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
------------------------- ------------------------------------------------------------------------------------- ----------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
------------------------- --- ----------------------- --------------------------------------------------------- ----------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------------------
----------------------- --------------------------------------------------------------------------
8 SHARED VOTING POWER: 305,160
-------------------------
----------------------- --------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
-------------------------
----------------------- --------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 305,160
-------------------------
------------------------------------------------------------------------------------- ----------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
305,160
------------------------------------------------------------------------------------- ----------------
-------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES: [ ]
------------------------------------------------------------------------------------------------------
-------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.11%
------------------------- ------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
------------------------- ------------------------------------------------------------------------------------------------------
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13D Page 6 of 25 Pages
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------------------------- ---------------------------------------------------------------- -------------------------------------
1 NAME OF REPORTING PERSON PMC - BVI, INC.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------------------- ------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
------------------------- ------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------------- ---------------------------------------------------------------------------- -------------------------
4 SOURCE OF FUNDS: OO
-
------------------------- ------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e):
------------------------- ------------------------------------------------------------------------------------- ----------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
------------------------- --- ----------------------- --------------------------------------------------------- ----------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------------------
----------------------- --------------------------------------------------------- ----------------
8 SHARED VOTING POWER: 305,160
-------------------------
----------------------- --------------------------------------------------------- ----------------
9 SOLE DISPOSITIVE POWER: 0
-------------------------
----------------------- --------------------------------------------------------- ----------------
10 SHARED DISPOSITIVE POWER: 305,160
-------------------------
------------------------------------------------------------------------------------- ----------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
305,160
------------------------------------------------------------------------------------- ----------------
-------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES: [ ]
------------------------------------------------------------------------------------------------------
-------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.11%
------------------------- ------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------------------- ------------------------------------------------------------------------------------------------------
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13D Page 7 of 25 Pages
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------------------------- ---------------------------------------------------------------- -------------------------------------
1 NAME OF REPORTING PERSON SC FUNDAMENTAL VALUE BVI, INC.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------------------- ------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
------------------------- ------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------------- ---------------------------------------------------------------------------- -------------------------
4 SOURCE OF FUNDS: OO
------------------------- ------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e):
------------------------- ------------------------------------------------------------------------------------- ----------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
------------------------- --- ----------------------- --------------------------------------------------------- ----------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------------------
----------------------- --------------------------------------------------------------------------
8 SHARED VOTING POWER: 305,160
-------------------------
----------------------- --------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
-------------------------
----------------------- --------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 306,160
-------------------------
------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
305,160
------------------------------------------------------------------------------------------------------
-------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES: [ ]
------------------------------------------------------------------------------------------------------
-------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.11%
------------------------- ------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------------------- ------------------------------------------------------------------------------------------------------
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13D Page 8 of 25 Pages
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------------------------- ---------------------------------------------------------------- -------------------------------------
1 NAME OF REPORTING PERSON PETER M. COLLERY
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------------------- ------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
------------------------- ------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------------- ------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO/PF
------------------------- ------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e):
------------------------- ------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
------------------------- --- ----------------------- --------------------------------------------------------- ----------------
7 SOLE VOTING POWER: 100*
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------------------
----------------------- --------------------------------------------------------------------------
8 SHARED VOTING POWER: 492,200
-------------------------
----------------------- --------------------------------------------------------- ----------------
9 SOLE DISPOSITIVE POWER: 100*
-------------------------
----------------------- --------------------------------------------------------- ----------------
10 SHARED DISPOSITIVE POWER: 492,200
-------------------------
------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
492,300**
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-------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES: [ ]
------------------------------------------------------------------------------------------------------
-------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.01%
------------------------- ------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------------------- ------------------------------------------------------------------------------------------------------
* All of such shares are held by Mr. Collery as custodian for his children in
the following amounts: (i) Claire Adams Collery: 70 shares; and (ii) Edward
Arnold Collery: 30 shares.
** Of such amount, 100 shares are held by Mr. Collery as custodian for his
children as stated immediately above.
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13D Page 9 of 25 Pages
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------------------------- ---------------------------------------------------------------- -------------------------------------
1 NAME OF REPORTING PERSON NEIL H. KOFFLER
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------------------- ------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
------------------------- ------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------------- ------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO/PF
------------------------- ------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e):
------------------------- ------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
------------------------- ------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------------------
----------------------- --------------------------------------------------------------------------
8 SHARED VOTING POWER: 492,200
-------------------------
----------------------- --------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
-------------------------
----------------------- --------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 492,200
-------------------------
-------------------------------------------------------------------------------------- ---------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
492,200
------------------------------------------------------------------------------------------------------
-------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
------------------------------------------------------------------------------------------------------
-------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.01%
------------------------- ----------------------------------------------------------------- ------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------------------- ------------------------------------------------------------------------------------------------------
ITEM 1. SECURITY AND ISSUER
This statement of beneficial ownership on Schedule 13D
("Schedule 13D") relates to the common stock, par value $0.0001 per share
("Common Stock"), of SCPIE Holdings Inc., a Delaware corporation (the
"Company"). The address of the principal executive office of the Company is 1888
Century Park East, Suite 800, Los Angeles, California 90067.
ITEM 2. IDENTITY AND BACKGROUND
The persons filing this Schedule 13D are SC Fundamental
Value Fund, L.P. ("Fund"), SC Fundamental LLC ("SCFLLC"), SC Fundamental Value
BVI, Ltd. ("BVI Fund"), SC-BVI Partners ("BVI Partners"), PMC-BVI, Inc.
("PMCBVI"), SC Fundamental Value BVI, Inc. ("BVI Inc."), Peter M. Collery
("Collery"), and Neil H. Koffler ("Koffler") as members of a joint filing group
(collectively, the "Reporting Persons").
Fund is a Delaware limited partnership. The principal
business of Fund is investing in securities. The business address of Fund is 420
Lexington Avenue, Suite 2601, New York, New York 10170. During the last five
years, neither Fund nor its general partner has been (i) convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or (ii) a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding has been or is subject to a
judgment, decree or final order enjoining future violation of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
SCFLLC is a New York limited liability company and is the
general partner of Fund. The principal business of SCFLLC is serving in such
capacity and investing in securities. The business address of SCFLLC is 420
Lexington Avenue, Suite 2601, New York, New York 10170. During the last five
years, neither SCFLLC nor any of its members has been (i) convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
(ii) a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as result of such proceeding has been or is subject
to a judgment, decree or final order enjoining future violation of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws. The name, position and
business address of each member of SCFLLC is set forth on Schedule A attached
hereto.
BVI Fund is a British Virgin Islands Company. The principal
business of BVI Fund is investing in securities. The business address of BVI
Fund is c/o Citco Fund Services (Cayman Islands) Ltd., Corporate Center, West
Bay Road, Grand Cayman, Cayman Islands. During the last five years, neither BVI
Fund nor any of its directors or officers has been (i) convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or (ii) a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as result of such proceeding has been or its subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws. The name, position, business address
and citizenship of the directors and executive officers of BVI Fund are set
forth on Schedule B hereto.
BVI Partners is a Delaware general partnership. The
principal business of BVI Partners is serving as the investment manager of BVI
Fund and investing in securities. The business address of BVI Partners is 420
Lexington Avenue, Suite 2601, New York, New York 10170. During the last five
10
years, neither BVI Partners nor any of its general partners has been (i)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
has been or is subject to a judgment, decree or final order enjoining future
violation of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws. The
name, position and business address of the general partners of BVI Partners are
set forth on Schedule C hereto.
PMCBVI is a Delaware corporation. The principal business of
PMCBVI is serving as general partner of BVI Partners and investing in
securities. The business address of PMCBVI is 420 Lexington Avenue, Suite 2601,
New York, New York 10170. During the last five years, neither PMCBVI nor any of
its directors or executive officers has been (i) convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or (ii) a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding has been or is subject to a
judgment, decree or final order enjoining future violation of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws. The name, position and business address of
each of the directors and executive officers of PMCBVI are set forth on Schedule
D hereto.
BVI Inc. is a Delaware corporation. The principal business
of BVI Inc. is serving as the managing general partner of BVI Partners and
investing in securities. The business address of BVI Inc. is 420 Lexington
Avenue, Suite 2601, New York, New York 10170. During the last five years,
neither BVI Inc. nor any of its directors or executive officers has been (i)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
has been or is subject to a judgment, decree or final order enjoining future
violation of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws. The
name, position and business address of each of the directors and executive
officers of BVI Inc. are set forth on Schedule E hereto.
Collery is a citizen of the United States having a business
address at c/o SC Fundamental LLC, 420 Lexington Avenue, Suite 2601, New York,
New York 10170. The principal occupation of Collery is acting as an employee
member of SCFLLC. During the last five years, Collery has not been (i) convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or (ii) a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding as been or is subject
to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
Koffler is a citizen of the United States having a business
address at c/o SC Fundamental LLC, 420 Lexington Avenue, Suite 2601, New York,
New York 10170. The principal occupation of Koffler is acting as an employee
member of SCFLLC. During the last five years, Koffler has not been (i) convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or (ii) a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding has been or is subject
to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
11
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Fund has purchased an aggregate of 187,040 shares of Common
Stock for total consideration (including brokerage commissions) of $853,412
derived from its working capital and margin indebtedness.
BVI Fund has purchased an aggregate of 305,160 shares of
Common Stock for total consideration (including brokerage commissions) of
$1,392,357 derived from its working capital and margin indebtedness.
Collery has purchased an aggregate of 100 shares of Common
Stock for total consideration (including brokerage commissions) of $407 derived
from personal funds.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons have acquired shares of Common Stock
because, in their opinion, such shares of Common Stock are undervalued by the
market at the present time under the present circumstances. The Reporting
Persons may, from time to time, communicate with the Company's management,
directors, shareholders and other interested parties regarding matters of mutual
interest, including strategies designed to increase the value of the Common
Stock.
The Reporting Persons may from time to time (i) acquire
additional shares of Common Stock (subject to availability at prices deemed
favorable) in the open market, in privately negotiated transactions or
otherwise, or (ii) dispose of shares of Common Stock at prices deemed favorable
in the open market, in privately negotiated transactions or otherwise.
Except as set forth above, the Reporting Persons have no
plans or proposals that would result in or relate to any of the matters set
forth in subparagraphs (a) though (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As of the close of business on October 31, 2002, the
Reporting Persons beneficially owned (or are deemed, solely for purposes of Rule
13d-3, to have beneficially owned), directly or indirectly, an aggregate of
492,200 shares of Common Stock, representing approximately 5.01% of the Common
Stock outstanding on October 31, 2002, (based on 9,825,716 shares of Common
Stock outstanding as of August 13, 2002 as reported in the Company's Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 2002). Each of the
Reporting Persons, by virtue of Rule 13d-3, may be deemed to own beneficially
the number of shares and percentages of Common Stock set forth opposite their
names below.
Name Shares of
---- Common Stock Percentage
------------ ----------
SC Fundamental Value Fund, L.P. 187,040 1.90%
SC Fundamental LLC 187,040 1.90%
SC Fundamental Value BVI, Ltd. 305,160 3.11%
SC Fundamental Value BVI, Inc. 305,160 3.11%
SC-BVI Partners 305,160 3.11%
PMC-BVI, Inc. 305,160 3.11%
Peter M. Collery 492,300 (1) 5.01%
Neil H. Koffler 492,200 5.01%
12
(1) Includes 100 shares of Common Stock held by Collery as custodian
for his children.
Koffler and Collery, by virtue of their status as members
of SCFLLC, the general partner of Fund, may be deemed to share with Fund and
SCFLLC the power to vote or direct the vote and to dispose or to direct the
disposition of shares of Common Stock of which Fund is the direct beneficial
owner.
Koffler, by virtue of his status as an executive officer of
BVI Inc., and Collery, by virtue of his status as the sole stockholder and an
executive officer of BVI Inc., the managing general partner of BVI Partners,
which is the investment manager of BVI Fund, may be deemed to share with BVI
Inc., BVI Partners and BVI Fund the power to vote or direct the vote and to
dispose or direct the disposition of shares of Common Stock of which BVI Fund is
the direct beneficial owner.
Collery, by virtue of his status as the sole stockholder,
director and executive officer of PMCBVI, a general partner of BVI Partners,
which is the investment manager of BVI Fund, may be deemed to share with PMCBVI,
BVI Partners and BVI Fund the power to vote or direct the vote and to dispose or
direct the disposition of shares of Common Stock of which BVI Fund is the direct
beneficial owner.
Collery has the sole power to vote or direct the vote and
to dispose or to direct the disposition of 100 shares of Common Stock of which
he is the custodian for his children.
During the last 60 days, the following transactions in
Common Stock were effected by the Reporting Persons on the New York Stock
Exchange:
Number of Shares Price Per Commission Per
Reporting Person Purchased Share Share Date
---------------- --------- ----- ----- ----
Peter M. Collery 100 4.0700 0.00000 9/9/02
SC Fundamental Value BVI, Ltd. 5,270 4.0463 0.0200 9/16/02
SC Fundamental Value Fund, L.P. 3,230 4.0463 0.0200 9/16/02
SC Fundamental Value BVI, Ltd. 13,270 4.0962 0.0200 9/17/02
SC Fundamental Value Fund, L.P. 8,130 4.0962 0.0200 9/17/02
SC Fundamental Value BVI, Ltd. 24,800 4.0077 0.0200 9/18/02
SC Fundamental Value Fund, L.P. 15,200 4.0077 0.0200 9/18/02
SC Fundamental Value BVI, Ltd. 5,830 4.3481 0.0500 9/20/02
13
SC Fundamental Value Fund, L.P. 3,570 4.3481 0.0500 9/20/02
SC Fundamental Value BVI, Ltd. 15,620 4.3099 0.0500 9/23/02
SC Fundamental Value Fund, L.P. 9,580 4.3099 0.0500 9/23/02
SC Fundamental Value BVI, Ltd. 65,100 4.3485 0.0500 9/24/02
SC Fundamental Value Fund, L.P. 39,900 4.3485 0.0500 9/24/02
SC Fundamental Value BVI, Ltd. 19,220 4.3887 0.0500 9/25/02
SC Fundamental Value Fund, L.P. 11,780 4.3887 0.0500 9/25/02
SC Fundamental Value BVI, Ltd. 37,200 4.3933 0.0500 10/7/02
SC Fundamental Value Fund, L.P. 22,800 4.3933 0.0500 10/7/02
SC Fundamental Value BVI, Ltd. 6,200 4.2485 0.0600 10/10/02
SC Fundamental Value Fund, L.P. 3,800 4.2485 0.0600 10/10/02
SC Fundamental Value BVI, Ltd. 15,500 4.0500 0.0600 10/14/02
SC Fundamental Value Fund, L.P. 9,500 4.0500 0.0600 10/14/02
SC Fundamental Value BVI, Ltd. 3,100 4.0020 0.0600 10/15/02
SC Fundamental Value Fund, L.P. 1,900 4.0020 0.0600 10/15/02
SC Fundamental Value BVI, Ltd. 6,010 4.0100 0.0600 10/16/02
SC Fundamental Value Fund, L.P. 3,690 4.0100 0.0600 10/16/02
SC Fundamental Value BVI, Ltd. 3,100 4.0220 0.0600 10/17/02
SC Fundamental Value BVI, Ltd. 560 3.9000 0.0600 10/18/02
SC Fundamental Value Fund, L.P. 340 3.9000 0.0600 10/18/02
SC Fundamental Value BVI, Ltd. 1,180 4.2000 0.0600 10/21/02
SC Fundamental Value Fund, L.P. 720 4.2000 0.0600 10/21/02
SC Fundamental Value BVI, Ltd. 1,550 4.2000 0.0600 10/22/02
SC Fundamental Value Fund, L.P. 950 4.2000 0.0600 10/22/02
14
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1. Joint Filing Agreement, dated October 31, 2002
[The remainder of this page intentionally left blank.]
15
SIGNATURES
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
Dated: October 31, 2002
SC FUNDAMENTAL VALUE FUND, L.P.
By: SC Fundamental LLC, as
General Partner
By: /s/ Neil H. Koffler
-----------------------------------------------
Neil H. Koffler, Member
SC FUNDAMENTAL LLC
By: /s/ Neil H. Koffler
-----------------------------------------------
Neil H. Koffler, Member
SC FUNDAMENTAL VALUE BVI, LTD.
By: SC Fundamental Value BVI, Inc., as managing
general partner of investment manager
By: /s/ Neil H. Koffler
-----------------------------------------------
Neil H. Koffler, Vice President
SC-BVI PARTNERS
By: SC Fundamental Value BVI, Inc., as managing
general partner
By: /s/ Neil H. Koffler
-----------------------------------------------
Neil H. Koffler, Vice President
PMC-BVI, INC.
By: /s/ Neil H. Koffler
-----------------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery, President (1)
16
SC FUNDAMENTAL VALUE BVI, INC.
By: /s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler, Vice President
/s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery (1)
/s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler
(1) Executed by Neil H. Koffler as Attorney-in-Fact for Peter M. Collery.
The Power of Attorney for Mr. Collery is attached as Exhibit 2 to the
Statement on Schedule 13D with respect to the common stock of ESG Re
Limited, filed on August 21, 2000, and is hereby incorporated by
reference.
17
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
1 Joint Filing Agreement, dated October 31, 2002
18
SCHEDULE A
The name and present principal occupation or employment of
the members of SC Fundamental LLC are set forth below. The business address of
each member is 420 Lexington Avenue, Suite 2601, New York, New York 10170. All
persons are United States citizens.
Name and Position Present Principal Occupation or Employment
----------------- ------------------------------------------
Peter M. Collery Member of SC Fundamental LLC and
Member President of SC Fundamental BVI,Inc.
Neil H. Koffler Member of SC Fundamental LLC and Vice
Member President of SC Fundamental BVI, Inc.
19
SCHEDULE B
The name, citizenship and present principal occupation or
employment of the directors and executive officers of SC Fundamental Value BVI,
Ltd. are set forth below. The business address of such directors and executive
officers is c/o Citco Fund Services (Cayman Islands) Ltd., Corporate Center,
West Bay Road, Grand Cayman, Cayman Islands.
Name, Position and Citizenship Present Principal Occupation or Employment
------------------------------ ------------------------------------------
Peter M. Collery Member of SC Fundamental LLC and
Director President of SC Fundamental BVI, Inc.
United States
Bernard Loze Principal of Loze & Associates
Director
France
David M. Mills Partner of Withers Solicitors
Director
England
20
SCHEDULE C
The name and position of the general partners of SC-BVI
Partners are set forth below. The business address of each general partner is
420 Lexington Avenue, Suite 2601, New York, New York 10170. All such persons are
Delaware corporations.
Name and Position
-----------------
SC Fundamental BVI Inc.
Managing General Partner
PMC-BVI, Inc. (1)
Partner
(1) Peter M. Collery is the sole stockholder, officer and director of PMC-BVI,
Inc.
21
SCHEDULE D
The name and position of the sole director and executive
officer of PMC-BVI, Inc. are set forth below. The business address of the sole
director and executive officer is 420 Lexington Avenue, Suite 2601, New York,
New York 10170. The sole director and executive officer of PMC-BVI, Inc. is a
citizen of the United States.
Name Position
---- --------
Peter M. Collery Sole stockholder, Director
and President
22
SCHEDULE E
The name and position of each director and executive
officer of SC Fundamental Value BVI, Inc. are set forth below. The business
address of each director and executive officer is 420 Lexington Avenue, Suite
2601, New York, New York 10170. All directors and executive officers are
citizens of the United States.
Name Position
---- --------
Peter M. Collery Director, President and Secretary
Neil H. Koffler Vice President and Treasurer
23