================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
------------------------------
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
747 THIRD AVENUE, 27TH FLOOR
NEW YORK, NEW YORK 10017
(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
NOVEMBER 10, 2004
(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 18 Pages)
================================================================================
-------------------------------------------------------------------- ----------------------------------------------
CUSIP No. 78402P104 13D Page 2 of 18 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: 307,582
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------- -------------------------------------------------------------------------
8 SHARED VOTING POWER: 0
----------------------- -------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 307,582
----------------------- -------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 0
------------------------- -----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
307,582
------------------------- -----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------------- -----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.10%
------------------------- -----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
------------------------- -----------------------------------------------------------------------------------------------------
2
-------------------------------------------------------------------- ----------------------------------------------
CUSIP No. 78402P104 13D Page 3 of 18 Pages
-------------------------------------------------------------------- ----------------------------------------------
------------------------- -----------------------------------------------------------------------------------------------------
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: 307,582
----------------------- -------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------------- -------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 307,582
------------------------- -----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
307,582
------------------------- -----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------------- -----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.10%
------------------------- -----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
------------------------- -----------------------------------------------------------------------------------------------------
3
-------------------------------------------------------------------- ----------------------------------------------
CUSIP No. 78402P104 13D Page 4 of 18 Pages
-------------------------------------------------------------------- ----------------------------------------------
------------------------- -----------------------------------------------------------------------------------------------------
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: 295,518
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------- -------------------------------------------------------------------------
8 SHARED VOTING POWER: 0
----------------------- -------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 295,518
----------------------- -------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 0
------------------------- -----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
295,518
------------------------- -----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------------- -----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.98%
------------------------- -----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------------------- -----------------------------------------------------------------------------------------------------
4
-------------------------------------------------------------------- ----------------------------------------------
CUSIP No. 78402P104 13D Page 5 of 18 Pages
-------------------------------------------------------------------- ----------------------------------------------
------------------------- -----------------------------------------------------------------------------------------------------
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: 295,518
----------------------- -------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------------- -------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 295,518
------------------------- -----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
295,518
------------------------- -----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------------- -----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.98%
------------------------- -----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
------------------------- -----------------------------------------------------------------------------------------------------
5
-------------------------------------------------------------------- ----------------------------------------------
CUSIP No. 78402P104 13D Page 6 of 18 Pages
-------------------------------------------------------------------- ----------------------------------------------
------------------------- -----------------------------------------------------------------------------------------------------
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: 295,518
----------------------- -------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------------- -------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 295,518
------------------------- -----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
295,518
------------------------- -----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------------- -----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.98%
------------------------- -----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------------------- -----------------------------------------------------------------------------------------------------
6
-------------------------------------------------------------------- ----------------------------------------------
CUSIP No. 78402P104 13D Page 7 of 18 Pages
-------------------------------------------------------------------- ----------------------------------------------
------------------------- -----------------------------------------------------------------------------------------------------
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: 295,518
----------------------- -------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------------- -------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 295,518
------------------------- -----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
295,518
------------------------- -----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------------- -----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.98%
------------------------- -----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------------------- -----------------------------------------------------------------------------------------------------
7
-------------------------------------------------------------------- ----------------------------------------------
CUSIP No. 78402P104 13D Page 8 of 18 Pages
-------------------------------------------------------------------- ----------------------------------------------
------------------------- -----------------------------------------------------------------------------------------------------
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: 603,100
----------------------- -------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 100*
----------------------- -------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 603,100
------------------------- -----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
603,200**
------------------------- -----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------------- -----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.09%
------------------------- -----------------------------------------------------------------------------------------------------
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.
8
-------------------------------------------------------------------- ----------------------------------------------
CUSIP No. 78402P104 13D Page 9 of 18 Pages
-------------------------------------------------------------------- ----------------------------------------------
------------------------- -----------------------------------------------------------------------------------------------------
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: 603,100
----------------------- -------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------------- -------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 603,100
------------------------- -----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
603,100
------------------------- -----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------------- -----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.09%
------------------------- -----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------------------- -----------------------------------------------------------------------------------------------------
9
-------------------------------------------------------------------- ----------------------------------------------
CUSIP No. 78402P104 13D Page 10 of 18 Pages
-------------------------------------------------------------------- ----------------------------------------------
------------------------- -----------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON JOHN T. BIRD
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: 603,100
----------------------- -------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------------- -------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 603,100
------------------------- -----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
603,100
------------------------- -----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------------- -----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.09%
------------------------- -----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------------------- -----------------------------------------------------------------------------------------------------
10
This Amendment No. 1 ("Amendment No. 1") amends the Statement on
Schedule 13D (the "Schedule 13D") filed on November 1, 2002, by and on behalf of
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 with respect to the ownership of the common stock, par value $0.0001 per
share ("Common Stock"), of SCPIE Holdings Inc., a Delaware corporation (the
"Company"). Capitalized terms used herein and not defined herein have the
meanings ascribed thereto in the Schedule 13D, as amended.
ITEM 2. IDENTITY AND BACKGROUND
The persons filing this Amendment No. 1 are Fund, SCFLLC, BVI Fund,
BVI Partners, PMCBVI, BVI Inc., Collery, Koffler and John T. Bird ("Bird") as
members of a joint filing group (collectively, the "Reporting Persons").
The business address of each of the Fund, SCFLLC, BVI Partners,
PMCBVI, BVI Inc., Collery, Koffler, each director and officer of BVI Fund, each
general partner of BVI Partners and the sole director of PMC-BVI is 747 Third
Avenue, 27th Floor, New York, New York 10017.
The name, position and business address of each member of SCFLLC are
set forth on Schedule A attached hereto.
The name, position and business address of each of the directors and
executive officers of BVI Inc. are set forth on Schedule B attached hereto.
Bird is a citizen of the United States having a business address at
747 Third Avenue, 27th Floor, New York, New York 10017. The principal occupation
of Bird is acting as an employee member of SCFLLC. During the last five years,
Bird 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.
Except as indicated above, the information set forth in Item 2 to the
Schedule 13D remains unchanged.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The responses of the Reporting Persons to Rows (11) through (13)
of the cover pages of this Amendment No. 1 are incorporated herein by reference.
As of the close of business on November 18, 2004, 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 603,200 shares of
Common Stock, representing approximately 6.09% of the Common Stock outstanding
on November 18, 2004, (based on 9,910,576 shares of Common Stock outstanding as
of November 5, 2004 as reported in the Company's Quarterly Report on Form 10-Q
for the fiscal quarter ended September 30, 2004). Each of the Reporting Persons,
11
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.
Shares of
Name Common Stock Percentage
---- ------------ ----------
SC Fundamental Value Fund, L.P. 307,582 3.10%
SC Fundamental LLC 307,582 3.10%
SC Fundamental Value BVI, Ltd. 295,518 2.98%
SC Fundamental Value BVI, Inc. 295,518 2.98%
SC-BVI Partners 295,518 2.98%
PMC-BVI, Inc. 295,518 2.98%
Peter M. Collery 603,200 (1) 6.09%
Neil H. Koffler 603,100 6.09%
John T. Bird 603,100 6.09%
(1) Includes 100 shares of Common Stock held by Collery as custodian for
his children.
(b) The responses of the Reporting Persons to (i) Rows (7) through
(10) of the cover pages of this Amendment No. 1 and (ii) Item 5a hereof are
incorporated herein by reference. Bird, 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.
Bird and Koffler, by virtue of their status as executive officers
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.
(c) During the last 60 days, the following transactions in Common
Stock were effected by the Reporting Persons on the New York Stock Exchange:
12
Number of Shares Price Per Commission Per
Reporting Person Purchased / Sold Share Share Date
---------------- ---------------- ----- ----- ----
SC Fundamental Value BVI, Ltd. (11,564) 8.9700 0.0000 10/1/04
SC Fundamental Value Fund, L.P. 11,564 8.9700 0.0000 10/1/04
SC Fundamental Value BVI, Ltd. 9,110 8.7550 0.0200 11/10/04
SC Fundamental Value Fund, L.P. 9,490 8.7550 0.0200 11/10/04
SC Fundamental Value BVI, Ltd. 150 8.9000 0.0200 11/15/04
SC Fundamental Value Fund, L.P. 150 8.9000 0.0200 11/15/04
SC Fundamental Value BVI, Ltd. 2,940 8.9000 0.0200 11/16/04
SC Fundamental Value Fund, L.P. 3,060 8.9000 0.0200 11/16/04
(d) Not applicable.
(e) Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1. Joint Filing Agreement, dated November 19, 2004
[The remainder of this page intentionally left blank.]
13
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: November 19, 2004
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)
14
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
/s/ John T. Bird
------------------------------------------
John T. Bird
(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 13G with respect to the Class A Common Stock of
Winmill & Co. Incorporated, filed on November 26, 2003, and is hereby
incorporated by reference.
15
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
1 Joint Filing Agreement, dated November 19, 2004
16
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 747 Third Avenue, 27th Floor, New York, New York 10017. All persons
are United States citizens.
Name and Position Present Principal Occupation or Employment
----------------- ------------------------------------------
Peter M. Collery Member of SC Fundamental LLC and President of
Member SC Fundamental BVI, Inc.
Neil H. Koffler Member of SC Fundamental LLC and Vice President of
Member SC Fundamental BVI, Inc.
John T. Bird Member of SC Fundamental LLC and Vice President of
Member SC Fundamental BVI, Inc.
17
SCHEDULE B
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 747 Third Avenue, 27th Floor, New York, New
York 10017. 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
John T. Bird Vice President
18