SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment Number 13)
First Financial Fund, Inc.
__________________
(Name of Issuer)
Common Stock, $.10 par value
_______________________
(Title of Class of Securities)
320-228-10-9
(CUSIP Number)
John A. Griffin
Tiger Management Corporation
101 Park Avenue
New York, NY 10178
212-984-2500
___________________
(Name, Address and Telephone Number
of Person Authorized to Receive
Notices and Communications)
December 11, 1995
______________
(Date of Event which Required
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 this
statement [ ].
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.
Page 1 of 14
<PAGE>
CUSIP No. 320-228-10-9
Schedule 13D
1
NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NUMBER OF ABOVE
PERSONS:
Tiger Management Corporation
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [ ] (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:
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH:
7 SOLE VOTING POWER: 2,883,502
8 SHARED VOTING POWER -0-
9 SOLE DISPOSITIVE POWER 2,883,502
10 SHARED DISPOSITIVE POWER -0-
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON:
2,883,502
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES:
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(11):
20.1%
14
TYPE OF REPORTING PERSON:
IA CO
Page 2 of 14
<PAGE>
ITEM 2. IDENTITY AND BACKGROUND
This Amendment No. 13 is filed by Tiger Management
Corporation ("TMC") to amend Item 5 of this Schedule 13D as
previously amended with respect to the holdings of the Common
Stock (the "Shares") of First Financial Fund, Inc. (the
"Issuer"). As previously filed, this schedule reflected
separately the positions of TMC and its advisees, including Tiger
(the "Partnership"). In the future, TMC, a registered investment
adviser, will report its position, including the position of the
Partnership and any of its other advisees, by amendment to the
Schedule 13G initially filed by TMC on July 16, 1992, and no
further amendments to this Schedule 13D will be filed. A copy of
the most recent amendment to TMC's Schedule 13G is attached as
Exhibit 1.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) and (b) The aggregate number and percentage of
Shares beneficially owned by TMC (including the amount attributed
to the Partnership in prior filings) is set forth below. The
percentage below is based upon 14,322,000 Shares outstanding as
of September 30, 1995, as reported on the Issuer's most recently
filed Form N-SAR-A. The 2,883,502 Shares beneficially owned by
TMC includes 1,894,530 Shares, held for the benefit of the
Partnership.
Person Named Number of Shares Percentage of
in Response to Item 2 Beneficially Owned Outstanding Shares
- --------------------- ------------------ ------------------
TMC 2,883,502 20.1
Page 3 of 14
<PAGE>
(c) On January 18, 1995, TMC acquired 327,137 Shares
from the Issuer as a stock dividend. Within the past 60 days TMC
has disposed of Shares in open market sales effected on the New
York Stock Exchange on the days and at the prices set forth on
Exhibit 2, attached hereto and incorporated by reference.
(d) The Partnership has the right to receive or the
power to direct the receipt of dividends from, or the proceeds of
the sale of more than 5% of the Shares reported on this
amendment.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
December 13, 1995
TIGER MANAGEMENT CORPORATION
By: /s/ Nolan Altman
Nolan Altman
Chief Financial Officer
Page 4 of 14
EXHIBIT 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No.4)
______________
First Financial Fund, Inc.
__________________
(Name of Issuer)
Common Stock $0.10 par value
_______________________
(Title of Class of Securities)
320-228-10-9
__________
(CUSIP Number)
Check the following box if a fee is being paid
with this statement [ ].
The information required in 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 .
1
Page 5 of 14
<PAGE>
CUSIP No. 320-228-10-9
1
NAME OF REPORTING PERSONS AND
S.S. OR I.R.S. IDENTIFICATION NUMBER OF ABOVE
PERSONS:
Tiger Management Corporation
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [ ] (b) [ ]
3
SEC USE ONLY:
4
CITIZENSHIP OR PLACE OF ORGANIZATION:
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH:
5 SOLE VOTING POWER: -0-
6 SHARED VOTING POWER: 2,535,727
7 SOLE DISPOSITIVE POWER: -0-
8 SHARED DISPOSITIVE POWER: 2,535,727
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON:
2,535,727
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES:
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
22.5%
12
TYPE OF REPORTING PERSON:
IA CO
2
Page 6 of 14
<PAGE>
CUSIP No. 320-228-10-9
1
NAME OF REPORTING PERSONS AND
S.S. OR I.R.S. IDENTIFICATION NUMBER OF ABOVE
PERSONS:
Panther Partners L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [ ] (b) [ ]
3
SEC USE ONLY:
4
CITIZENSHIP OR PLACE OF ORGANIZATION:
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH:
5 SOLE VOTING POWER: -0-
6 SHARED VOTING POWER: 54,900
7 SOLE DISPOSITIVE POWER: -0-
8 SHARED DISPOSITIVE POWER: 54,900
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON:
54,900
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES:
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
0.5%
12
TYPE OF REPORTING PERSON:
IV PN
3
Page 7 of 14
<PAGE>
CUSIP No. 320-228-10-9
1
NAME OF REPORTING PERSONS AND
S.S. OR I.R.S. IDENTIFICATION NUMBER OF ABOVE
PERSONS:
Panther Management Company L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [ ] (b) [ ]
3
SEC USE ONLY:
4
CITIZENSHIP OR PLACE OF ORGANIZATION:
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH:
5 SOLE VOTING POWER: -0-
6 SHARED VOTING POWER: 54,900
7 SOLE DISPOSITIVE POWER: -0-
8 SHARED DISPOSITIVE POWER: 54,900
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON:
305,700
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES:
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
0.5%
12
TYPE OF REPORTING PERSON:
IA PN
4
Page 8 of 14
<PAGE>
CUSIP No. 320-228-10-9
1
NAME OF REPORTING PERSONS AND
S.S. OR I.R.S. IDENTIFICATION NUMBER OF ABOVE
PERSONS:
Julian H. Robertson, Jr.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [ ] (b) [ ]
3
SEC USE ONLY:
4
CITIZENSHIP OR PLACE OF ORGANIZATION:
U.S.
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH:
5 SOLE VOTING POWER: 11,104
6 SHARED VOTING POWER: 2,590,627
7 SOLE DISPOSITIVE POWER: 11,104
8 SHARED DISPOSITIVE POWER: 2,590,627
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON:
2,601,731
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES:
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
23.1%
12
TYPE OF REPORTING PERSON:
IN
5
Page 9 of 14
<PAGE>
Item 1(a). First Financial Fund, Inc.
Item 1(b). One Seaport Plaza, New York, New York 10292
Item 2(a). This statement is filed on behalf of Tiger
Management Corporation ("TMC"), Panther Partners L.P.
("Panther") and Panther Management Company L.P.
("PMCLP")
Julian H. Robertson, Jr. ("Mr. Robertson") is the ultimate
controlling person of TMC and PMCLP.
Item 2(b). The address of each reporting person is 101 Park Avenue,
New York, NY 10178
Item 2(c). TMC is a Delaware corporation. Each of Panther and
PMCLP is a Delaware limited partnership. Mr. Robertson
is a U.S. citizen.
Item 2(d). Common Stock $0.10 par value
Item 2(e). 320-228-10-9
Item 3. Panther is an investment company registered under Section
8 of the Investment Company Act. Each of TMC and
PMCLP is an investment adviser registered under Section
203 of the Investment Advisers Act of 1940.
Item 4. Ownership as of December 31, 1994 is incorporated by
reference to items (5) - (9) and (11) of the cover page
pertaining to each reporting person.
Item 5. Not applicable
Item 6. Other persons are known to have the right to receive
dividends from, or proceeds from the sale of, such
securities. The interest of one such person, Tiger, a
New York limited partnership, is more than 5%.
Item 7. Not Applicable
Item 8. Not Applicable.
Item 9. Not Applicable.
6
Page 10 of 14
<PAGE>
Item 10. By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were
acquired in the ordinary course of business and were not
acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a
participant in any transaction having such purpose or effect.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.
February 13, 1995
TIGER MANAGEMENT CORPORATION
BY: /s/ Nolan Altman
Nolan Altman, Chief Financial Officer
PANTHER PARTNERS L.P.
By: Panther Management Company L.P. its General Partner
By: Panther Management Corporation its General Partner
By: /s/ Nolan Altman
Nolan Altman, Chief Financial Officer
PANTHER MANAGEMENT COMPANY L.P.
By: Panther Management Corporation, its General Partner
By: /s/ Nolan Altman
Nolan Altman, Chief Financial Officer
JULIAN H. ROBERTSON, JR.
By: /s/ Nolan Altman
Nolan Altman, Under Power of Attorney
Dated: January 27, 1995, Attached Exhibit
7
Page 11 of 14
<PAGE>
EXHIBIT A
AGREEMENT
The undersigned agree that this Amendment Number 4 to Schedule
13G dated February 13, 1995 relating to shares of common stock of
First Financial Fund, Inc. shall be filed on behalf of each of
the undersigned.
TIGER MANAGEMENT CORPORATION
BY: /s/ Nolan Altman
Nolan Altman, Chief Financial Officer
PANTHER PARTNERS L.P.
By: Panther Management Company L.P. its General Partner
By: Panther Management Corporation its General Partner
By: /s/ Nolan Altman
Nolan Altman, Chief Financial Officer
PANTHER MANAGEMENT COMPANY L.P.
By: Panther Management Corporation, its General Partner
By: /s/ Nolan Altman
Nolan Altman, Chief Financial Officer
JULIAN H. ROBERTSON, JR.
By: /s/ Nolan Altman
Nolan Altman, Under Power of Attorney
Dated: January 27, 1995, Attached Exhibit
8
Page 12 of 14
<PAGE>
EXHIBIT B
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the person whose signature
appears below constitutes and appoints Nolan T. Altman and Robert
E. Fink and each of them, to act severally as attorneys-in-fact
and agents for the undersigned solely for the purpose of
executing reports required under Sections 13 and 16 of the
Securities and Exchange Commission Act of 1934, and filing the
same, with exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, thereby
ratifying and confirming all that said attorneys-in-fact may do
or cause to be done by virtue hereof.
/s/ Julian H. Robertson, Jr.
Julian H. Robertson, Jr.
Dated: January 27, 1995
Page 13 of 14
EXHIBIT 2
DISPOSITIONS WITHIN THE PAST 60 DAYS
Date Share Sold $ Price
------ ------------- --------
Nov. 29 10,000 13.15
30 18,300 13.15
Dec. 1 15,900 13.00
4 20,300 13.00
5 4,500 13.00
6 27,700 13.00
8 2,000 13.00
11 90,000 13.00
Page 14 of 14
