<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 8)
M.D.C. Holdings, Inc.
(Name of Issuer)
Common Stock, Par Value, $0.01 Per Share
(Title of Class of Securities)
552676108
(CUSIP Number)
Stephen M. Davis, Esq.
Werbel & Carnelutti
A Professional Corporation
711 Fifth Avenue, New York, New York 10022, (212) 832-8300
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 9, 1997
(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 13-d-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 purposes 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 1 of 9 Pages<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 552676108 Page 2 of 9 Pages
- ------------------- ------------------
===============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The SC Fundamental Value Fund, 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/OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
545,096 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
545,096 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
545,096 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 552676108 Page 3 of 9 Pages
- ------------------- --------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SC Fundamental Value BVI, Inc.
- --------------------------------------------------------------------------------
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 ITEMS 2(d) or 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
274,258 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
0
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
274,258 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
274,258 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 552676108 Page 4 of 9 Pages
- ------------------- --------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SC Fundamental Inc.
- --------------------------------------------------------------------------------
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 ITEMS 2(d) or 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
545,096 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
545,096 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
545,096 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 552676108 Page 5 of 9 Pages
- ------------------- --------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gary N. Siegler
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC/OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
819,354 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
819,354 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
819,354 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- --------------------
CUSIP No. 552676108 Page 6 of 9 Pages
- ------------------- --------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter M. Collery
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC/OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
819,354 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
819,354 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
819,354 (Constitutes underlying convertible debentures)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
<PAGE>
<PAGE>
Page 7 of 9 Pages
AMENDMENT
No. 8
TO THE
SCHEDULE 13D
The Reporting Persons consisting of SC Fundamental Inc., The SC Fundamental
Value Fund, L.P., SC Fundamental Value BVI, Inc., Gary N. Siegler and Peter M.
Collery, hereby amend their Schedule 13D relating to the Common Stock, par value
$0.01, of M.D.C. Holdings, Inc.
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on December 10, 1997, the Reporting
Persons, by virtue of the language of Rule 13d-3, may be deemed to own
beneficially in the aggregate the number and percentage of the Issuer's Common
Stock set forth opposite their names below (based upon the number of shares of
the Issuer's Common Stock that were reported to be outstanding in the Issuer's
Form 10-Q as of September 30, 1997).
<TABLE>
<CAPTION>
================================================================================
Name Shares of Common Stock Percentage
- --------------------------------------------------------------------------------
<S> <C> <C>
SC Fundamental Inc. (1) 545,096 3.0%
- --------------------------------------------------------------------------------
The SC Fundamental
Value Fund, L.P. (1) 545,096 3.0%
- --------------------------------------------------------------------------------
SC Fundamental
Value BVI, Inc. (1) 274,258 1.5%
- --------------------------------------------------------------------------------
Gary N. Siegler (2) 819,354 4.4%
- --------------------------------------------------------------------------------
Peter M. Collery (2)(3) 819,354 4.4%
================================================================================
</TABLE>
(1) Constitutes shares of Common Stock underlying convertible debentures.
(2) Constitutes shares of Common Stock underlying convertible debentures,
545,096 shares of which are held by Fund and 274,258 shares of which are
held by BVI, Inc.
<PAGE>
<PAGE> Page 8 of 9 Pages
(3) Excludes 8,000 shares of the Issuer's Common Stock which were held by a
charitable organization for which Mr. Collery is a Director. Mr. Collery
may be deemed to be the beneficial owner pursuant to Rule 13d-3; however,
Mr. Collery expressly disclaims personal beneficial ownership thereof and
any pecuniary interest therein.
(c) The following table sets forth the transactions effected by each
of the Reporting Persons listed in Item 5(a) during the past sixty days. Unless
otherwise indicated, each of the transactions set forth below reflects a sale
effected by means of over-the-counter trading.
<TABLE>
<CAPTION>
================================================================================
BVI, Inc.
Trade Price Per on behalf
Date Share ($) Fund of BVI, Ltd. Siegler Collery
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------
10/10/97 11.0000 25,620 13,080 - 0 - - 0 -
- ---------------------------------------------------------------------------------
10/13/97 11.6250 6,975 4,325 - 0 - - 0 -
- ---------------------------------------------------------------------------------
10/28/97 10.0000 52,960* 27,040* - 0 - - 0 -
- ---------------------------------------------------------------------------------
11/03/97 11.1250 6,100(1) 6,100(1) - 0 - - 0 -
- ---------------------------------------------------------------------------------
11/05/97 11.3500 660* 340* - 0 - - 0 -
- ---------------------------------------------------------------------------------
12/01/97 11.0625 14,000(1) 14,000(1) - 0 - - 0 -
- ---------------------------------------------------------------------------------
12/08/97 12.2500 7,475 5,825 - 0 - - 0 -
- ---------------------------------------------------------------------------------
12/09/97 12.3750 80,485 61,915 - 0 - - 0 -
- ---------------------------------------------------------------------------------
12/10/97 12.3750 90,719 69,781 - 0 - - 0 -
- ---------------------------------------------------------------------------------
(1) Reflects a re-allocation between affiliates.
* Reflects a purchase.
(e) On December 9, 1997, the Reporting Persons, in the aggregate, ceased to be
the beneficial owners of five percent or more of the Issuer's Common Stock. This
Amendment No. 8 is, therefore, a final filing.<PAGE>
<PAGE> Page 9 of 9 Pages
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete and
correct.
Dated: December 15, 1997
SC FUNDAMENTAL INC.
By: /s/ Peter M. Collery
- -----------------------------------
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/ Peter M. Collery
- ------------------------------------
Neil H. Koffler as Attorney-in Fact
for Peter M. Collery Vice President*
SC FUNDAMENTAL VALUE BVI, INC.
By: /s/ Peter M. Collery
- ------------------------------------
Neil H. Koffler as Attorney-in-Fact
for Peter M. Collery Vice President*
/s/ Gary N. Siegler
- -----------------------------------
Neil H. Koffler as Attorney-in-Fact
for Gary N. Siegler*
/s/ Peter M. Collery
- -----------------------------------
Neil H. Koffler as Attorney-in-Fact
for Peter M. Collery*
* Executed by Neil H. Koffler as Attorney-in-Fact for Peter M. Collery and
Gary N. Siegler. The Powers of Attorney for Messrs. Collery & 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.
109444
</TABLE>