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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. *)
CITADEL HOLDING CORPORATION
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK
- --------------------------------------------------------------------------------
(Title of Class of Securities)
172862104
- --------------------------------------------------------------------------------
(CUSIP Number)
CHRISTOPHER J. RUPRIGHT, ESQ., SHARTSIS, FRIESE & GINSBURG
ONE MARITIME PLAZA, 18TH FLOOR, SAN FRANCISCO, CA 94111
(415) 421-6500
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
OCTOBER 20, 1994
------------------------
(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 / /.
Check the following box if a fee is being paid with the statement /X/. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) 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 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).
<PAGE>
SCHEDULE 13D
- ------------------------- --------------------
CUSIP NO. 172862104 PAGE 2 OF 9 PAGES
- ------------------------- --------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
LAWNDALE CAPITAL MANAGEMENT, INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(D) or 2(E) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 419,900
REPORTING -------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
419,900
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
419,900
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------------- --------------------
CUSIP NO. 172862104 PAGE 3 OF 9 PAGES
- ------------------------- --------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
ANDREW E. SHAPIRO
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF AND PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(D) or 2(E) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 200
BENEFICIALLY -------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 419,900
REPORTING -------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 200
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
419,900
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
420,100
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------------- --------------------
CUSIP NO. 172862104 PAGE 4 OF 9 PAGES
- ------------------------- --------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
DIAMOND A PARTNERS, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(D) or 2(E) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 365,300
REPORTING -------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
365,300
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
365,300
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------------- --------------------
CUSIP NO. 172862104 PAGE 5 OF 9 PAGES
- ------------------------- --------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
DIAMOND A INVESTORS, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(D) or 2(E) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 54,600
REPORTING -------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
54,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
54,600
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.8
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 172862104 Page 6 of 9 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to Common Stock (the "Stock") of Citadel Holding
Corporation, a California corporation ("CHC"). The principal executive office
of CHC is located at 600 North Brand Boulevard, Glendale, CA 91203.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction C of
Schedule 13D and, where applicable, their respective places of organization,
general partners, directors, executive officers and controlling persons, and the
information regarding them, are as follows:
(a) Lawndale Capital Management, Inc., a California corporation ("LCM");
Diamond A Partners, L.P., a California limited partnership ("DAP"); Diamond
A Investors, L.P., a California limited partnership ("DAI"); and Andrew E.
Shapiro ("Shapiro").
(b) The business address of LCM, DAP, DAI and Shapiro is One Sansome Street,
Suite 3900, San Francisco, California 94104.
(c) LCM is the investment adviser to and a general partner of DAP and DAI,
which are investment limited partnerships. Shapiro is a general partner of
DAP and DAI and is the sole director and officer of LCM.
(d) During the last five years, none of such persons has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, none of such persons was a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was 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.
(f) Shapiro is a citizen of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing Stock were as follows:
<TABLE>
<CAPTION>
PURCHASER SOURCE OF FUNDS AMOUNT
<S> <C> <C>
LCM Funds Under Management(1) $2,500,609.80
DAP Working Capital $2,174,265.60
DAI Working Capital $ 326,344.20
Shapiro Personal Funds $ 1,812.00
<FN>
(1) Includes funds of DAP and DAI invested in Stock.
</TABLE>
<PAGE>
SCHEDULE 13D
CUSIP No. 172862104 Page 7 of 9 Pages
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the acquisitions of the Stock reported herein was and is for
investment. The Reporting Persons did not at the time of the purchase of the
Stock, and do not presently, have any plan to acquire control of CHC. The
Reporting Persons may acquire additional shares of Stock in the open market from
time to time, but have no present intention to acquire shares representing more
than 10% of the outstanding shares of CHC. The Reporting Persons have been in
contact with management of CHC to request information about the strategy CHC
plans to employ to maximize the value of the Stock. The Reporting Persons have
also been in contact with other significant shareholders of CHC. At the present
time, however, the Reporting Persons have no specific plans regarding these
matters.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of this
statement is as follows at the date hereof:
<TABLE>
<CAPTION>
AGGREGATE
BENEFICIALLY OWNED VOTING POWER DISPOSITIVE POWER
NAME NUMBER PERCENT SOLE SHARED SOLE SHARED
<S> <C> <C> <C> <C> <C> <C>
LCM 419,900 6.3% 0 419,900 0 419,900
Shapiro 420,100 6.3% 200 419,900 200 419,900
DAP 365,300 5.5% 0 365,300 0 365,300
DAI 54,600 0.8% 0 54,600 0 54,600
</TABLE>
The persons filing this statement effected the following transactions in the
Stock on the dates indicated, and such transactions are the only transactions by
the persons filing this statement in the Stock since August 21, 1994:
<TABLE>
<CAPTION>
PURCHASE NUMBER PRICE BROKER
NAME OR SALE DATE OF SHARES PER SHARE USED
<S> <C> <C> <C> <C> <C>
DAP P 8/31/94 1,000 4.313 PAWE
DAI P 9/07/94 1,100 3.500 PAWE
DAP P 9/07/94 8,900 3.500 PAWE
DAI P 9/30/94 2,000 3.984 BEAR
DAP P 10/07/94 2,000 3.969 BEAR
DAI P 10/12/94 300 3.938 BEAR
DAP P 10/12/94 1,400 3.938 BEAR
DAI P 10/14/94 7,200 4.000 PAWE
DAP P 10/14/94 47,800 4.000 PAWE
DAI P 10/20/94 6,500 3.625 PAWE
DAP P 10/20/94 43,500 3.625 PAWE
DAI P 10/21/94 800 3.625 BEAR
DAP P 10/21/94 5,400 3.625 BEAR
DAI P 10/24/94 1,400 3.625 BEAR
DAP P 10/24/94 9,000 3.625 BEAR
DAP P 10/25/94 1,500 3.625 BEAR
DAP P 10/27/94 22,500 3.914 BEAR
DAI P 10/27/94 3,500 3.914 BEAR
<FN>
- ----------------
BEAR - Bear, Stearns Securities Corp. PAWE - PaineWebber Incorporated
</TABLE>
<PAGE>
SCHEDULE 13D
CUSIP No. 172862104 Page 8 of 9 Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
LCM and Shapiro are the general partners of DAP and DAI pursuant to limited
partnership agreements providing to LCM and Shapiro the authority, among other
things, to invest the funds of DAP and DAI in Stock, to vote and dispose of
Stock and to file this statement on behalf of DAP and DAI. Pursuant to such
limited partnership agreements, the general partners of DAP and DAI are entitled
to allocations based on assets under management and realized and unrealized
gains.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
(including power of attorney).
SIGNATURES
After reasonable inquiry and to the best of our knowledge, we certify that
the information set forth in this statement is true, complete and correct.
DATED: October 27, 1994.
DIAMOND A PARTNERS, L.P. DIAMOND A INVESTORS, L.P.
By: /s/ Andrew E. Shapiro By: /s/ Andrew E. Shapiro
-------------------------------- -----------------------------------
Andrew E. Shapiro Andrew E. Shapiro
General Partner General Partner
LAWNDALE CAPITAL MANAGEMENT, INC.
By: /s/ Andrew E. Shapiro /s/ Andrew E. Shapiro
-------------------------------- -----------------------------------
Andrew E. Shapiro Andrew E. Shapiro
President
<PAGE>
SCHEDULE 13D
CUSIP No. 172862104 Page 9 of 9 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G
(and any amendments or supplements thereto) required under section 13(d) of the
Securities Exchange Act of 1934, as amended, in connection with purchases by the
undersigned of Common Stock of Citadel Holding Corporation, a Delaware
corporation. For that purpose, the undersigned hereby constitute and appoint
Lawndale Capital Management, Inc., a California corporation, as their true and
lawful agent and attorney-in-fact, with full power and authority for and on
behalf of the undersigned to prepare or cause to be prepared, sign, file with
the SEC and furnish to any other person all certificates, instruments,
agreements and documents necessary to comply with section 13(d) and
section 16(a) of the Securities Exchange Act of 1934, as amended, in connection
with said purchases, and to do and perform every act necessary and proper to be
done incident to the exercise of the foregoing power, as fully as the
undersigned might or could do if personally present.
DATED: October 27, 1994.
DIAMOND A PARTNERS, L.P. DIAMOND A INVESTORS, L.P.
By: /s/ Andrew E. Shapiro By: /s/ Andrew E. Shapiro
-------------------------------- -----------------------------------
Andrew E. Shapiro Andrew E. Shapiro
General Partner General Partner
LAWNDALE CAPITAL MANAGEMENT, INC.
By: /s/ Andrew E. Shapiro /s/ Andrew E. Shapiro
-------------------------------- -----------------------------------
Andrew E. Shapiro Andrew E. Shapiro
President
