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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 3)
INAMED CORPORATION
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(Name of Issuer)
COMMON STOCK, NO PAR VALUE 453235103
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(Title of class of securities) (CUSIP number)
DAVID E. ZELTNER, ESQ.
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153
(212) 310-8000
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(Name, address and telephone number of person authorized to receive
notices and communications)
APRIL 1, 1997
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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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
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. 453235103 13D-Page 2
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S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: WC/OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: DELAWARE
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 613,095
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 613,095
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 613,095
REPORTING PERSON:
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.8%
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14 TYPE OF REPORTING PERSON: PN
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SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 453235103 13D-Page 3
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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:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: DELAWARE
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 275,205
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 275,205
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 275,205
REPORTING PERSON:
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.0%
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14 TYPE OF REPORTING PERSON: CO
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SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 453235103 13D-Page 4
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1 NAME OF REPORTING PERSON: SC FUNDAMENTAL, INC.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: DELAWARE
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 613,095
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 613,095
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 613,095
REPORTING PERSON:
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.8%
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14 TYPE OF REPORTING PERSON: CO
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SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 453235103 13D-Page 5
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1 NAME OF REPORTING PERSON: GARY N. SIEGLER
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: UNITED STATES
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 888,300
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 888,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 888,300
REPORTING PERSON:
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.8%
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14 TYPE OF REPORTING PERSON: IN
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SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 453235103 13D-Page 6
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1 NAME OF REPORTING PERSON: PETER M. COLLERY
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: UNITED STATES
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 888,300
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 888,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 888,300
REPORTING PERSON:
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.8%
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14 TYPE OF REPORTING PERSON: IN
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SEE INSTRUCTIONS BEFORE FILLING OUT!
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This constitutes Amendment No. 3 to the Schedule 13D (the
"Statement") filed with the Securities and Exchange Commission (the
"Commission") by The SC Fundamental Value Fund, L.P., a Delaware limited
partnership (the "Fund"), SC Fundamental Value BVI, Inc., a Delaware
corporation, SC Fundamental Inc., a Delaware corporation, Gary N. Siegler, an
individual, and Peter M. Collery, an individual (collectively, the "Reporting
Persons"), with respect to the Common Stock, no par value (the "Common Stock"),
of Inamed Corporation, a Florida corporation (the "Company"). Item 4. Purpose of
the Transaction.
As previously reported in the Statement and Amendments No. 1 and 2
thereto, the Fund and SC Fundamental Value BVI, Ltd. (collectively, the
"Sellers") purchased, in the aggregate, $8,460,000 principal amount of the
Company's 11% Secured Convertible Notes due 1999 (the "Notes"). The Notes were
issued under an indenture, dated as of January 2, 1996 (as amended from time to
time, the "Indenture"), between the Company and Santa Barbara Bank & Trust, as
trustee.
As previously reported in Amendment No. 2 to the Statement filed
with the Commission on March 4, 1997, the Sellers entered into that certain
letter agreement, dated February 27, 1997 (the "Letter Agreement"), with the
Company pursuant to which, among other things, the Sellers agreed to a
restructuring of the Company's indebtedness held by the Sellers in order to,
among other things, (i) terminate those certain Escrow
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Agreements, each dated as of January 2, 1996 (as amended from time to time, the
"Escrow Agreements") and (ii) return the escrowed funds held pursuant to the
Escrow Agreements to the Sellers and the other holders of the Notes and the
Company agreed to issue to the Sellers and the other holders of the Notes
warrants to purchase shares of Common Stock (the "Warrants"). The Sellers have
agreed to sell (the "Sale") to Appaloosa Investment Limited Partnership I (the
"Buyer") $4,834,286 in aggregate principal amount of the Notes. See Item 6
below, which is incorporated herein by reference, for additional information
with respect to the Sale. After giving effect to the Sale, the the receipt of
the escrowed funds held pursuant to the Escrow Agreements (which, pursuant to
the terms of the Indenture, will result in a redemption of the Notes then owned
by the Sellers) and the issuance of the Warrants, the Reporting Persons will no
longer beneficially own any Notes, will beneficially own 42,300 shares of Common
Stock and will own Warrants, not exercisable prior to August 15, 1997, that will
represent the right to purchase 403,000 shares of Common Stock.
Except with respect to the Sale, the Reporting Persons currently
have no plans or proposals which would result in any of the actions described in
clauses (a) through (j) of Item 4 of Schedule 13D.
The Reporting Persons may from time to time (i) acquire additional
shares of Common Stock, subject to the availability of prices deemed favorable
in the open market, in privately negotiated transactions or otherwise or (ii)
dispose of the
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shares of Common Stock owned by them or subsequently acquired or sell short such
shares of Common Stock, in each case at prices deemed favorable in the open
market, in privately negotiated transactions or otherwise.
Item 5. Interest in Securities of the Issuer
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The information in Items 4 and 6 is incorporated herein
by reference.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.
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The Sellers have agreed to sell to the Buyer at par
$4,834,286 in aggregate principal amount of the Notes. The closing of the Sale
is scheduled to take place upon the effectiveness of the second supplemental
indenture to the Indenture, which supplement will give effect to the amendments
to the Notes contemplated by the Letter Agreement, or as soon as practicable.
Item 7. Material to be Filed as Exhibits.
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1. Trade Confirmation, dated as of March 27, 1997,
among the Sellers, Scott Bommer and the Buyer.
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SIGNATURE
After reasonable inquiry and to the best of our knowledge and belief, we the
undersigned certify that the information set forth in this Statement is true,
complete and correct.
Dated: April 2, 1997
SC FUNDAMENTAL INC.
By: /s/ Neil H. Koffler
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Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery,
Vice President
THE SC FUNDAMENTAL VALUE FUND, L.P.
By: SC FUNDAMENTAL INC.
By: /s/ Neil H. Koffler
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Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery,
Vice President
SC FUNDAMENTAL VALUE BVI, INC.
By: /s/ Neil H. Koffler
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Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery,
Vice President
/s/ Neil H. Koffler
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Neil H. Koffler as Attorney-
in-Fact for Gary N. Siegler*
/s/ Neil H. Koffler
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Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery*
*The Powers of Attorney for Messrs. Collery and Siegler were filed as Exhibit A
to Amendment No. 5 to Schedule 13D relating to US Facilities Corporation on
August 4, 1995 and is hereby incorporated herein by reference.
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EXHIBIT INDEX
1. Trade Confirmation, dated as of March 27, 1997, among the
Sellers, Scott Bommer and the Buyer.
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EXHIBIT 1
TRADE CONFIRMATION
SELLERS NAME: SC Fundamental Value Fund, L.P.
SC Fundamental Value BVI, Ltd.
Scott Bommer
CONTACT: Neil Koffler
FAX NUMBER: (212) 957-3434
PHONE NUMBER: (212) 957-3500
BUYER NAME: Appaloosa Investment Limited Partnership I
CONTACT PERSON: Jim Bolin
FAX NUMBER: (201) 376-5415
PHONE NUMBER: (201) 376-5400
AGENT NAME: Goldman, Sachs & Co.
CONTACT: Lex Malas
FAX NUMBER: (212) 902-3757
PHONE NUMBER: (212) 902-3495
The parties hereby agree to the following transaction.
TRADE DATE: As of March 27, 1997
BUYER: Appaloosa Investment Limited Partnership I
SELLERS: SC Fundamental Value Fund, L.P., SC Fundamental Value
BVI, Ltd., and Scott Bommer
AGENT: Goldman, Sachs & Co.
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CREDIT AGREEMENT: Inamed Corporation 11% Secured Convertible Notes due
1999 (the "Notes")
PRINCIPAL AMOUNT: $4,857,142.86
FORM OF PURCHASE: Assignment
CLOSING: Upon effectiveness of the supplemental indenture to
reflect the amended terms of the Notes as described in
the letter dated February 27, 1997 referred to below or
as soon as practicable
PRICE: 100% of Principal Amount plus accrued interest through
Closing
AGENT'S COMMISSION: 0.125% payable by Buyer
REPRESENTATIONS: Sellers represent that other than (i) the First
Supplement to the Indenture dated as of June 20, 1996
and (ii) the Second Supplement to the Indenture as
contemplated by the letter dated February 27, 1997, the
Sellers have not authorized, nor to the Sellers'
knowledge have there been, any alterations or
modifications of the Notes and Indenture since the
execution of the Note Purchase Agreement dated January
23, 1996.
Sellers also represent that the Notes are secured by a
valid, perfected and enforceable security interest in
the assets as described in the Note Purchase Agreement
dated January 23, 1996.
Buyer and Sellers acknowledge that any of them may have
access to or possession of confidential information
concerning Inamed or the Notes. Buyer and Sellers agree
to waive any claim against one another deriving from or
relating to any assertion that they did not have access
to the same confidential information.
ADDITIONAL
DOCUMENTATION: Buyer and Sellers agree to cooperate to execute
reasonable necessary documentation to transfer the
ownership of the Notes solely on the terms described
herein.
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If the foregoing reflects our agreement, please provide the signature of a duly
authorized officer or other signatory where indicated below and return this
letter to each party.
ACCEPTED AND AGREED:
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SELLERS BUYER
SC Fundamental Value Fund, L.P. Appaloosa Investment Limited Partnership I
By: SC Fundamental, Inc. By: Appaloosa Management LP,
General Partner its Investment Advisor
/s/ Neil H. Koffler By: Appaloosa Partners Inc.,
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By: Neil H. Koffler its General Partner
Treasurer
/s/ James E. Bolin
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SC Fundamental Value BVI, Ltd. By: James E. Bolin
Vice President
By: SC-BVI Partners
Investment Advisor
By: SC Fundamental BVI, Inc.
Managing Partner
/s/ Neil H. Koffler
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By: Neil H. Koffler
Treasurer
/s/ Scott A. Bommer
--------------------------
By: Scott A. Bommer
For his own account
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AGENT
GOLDMAN, SACHS & CO.
By: __________________
Name:
Title:
