UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 19)*
First Financial Fund, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
320228109
(CUSIP Number)
Stephen C. Miller, Esq.
Krassa, Madsen & Miller, LLC
1680 38th Street, Suite 800
Boulder, Colorado 80301
(303) 444-5483
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
December 13, 2000
(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 ss.ss.240.13d-1(e), 240.13d-
1(f) or 240.13d-1(g), check the following box. 0
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 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. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Ernest Horejsi Trust No. 1B
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization Kansas
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Number of 7. Sole Voting Power 1,795,100
Shares Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 1,795,100
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,795,100
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 7.29%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Lola Brown Trust No. 1B
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization Kansas
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Number of 7. Sole Voting Power 1,922,200
Shares Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 1,922,200
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,922,200
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 7.81%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Mildred B. Horejsi Trust
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization New York
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Number of 7. Sole Voting Power 1,922,400
Shares Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 1,922,400
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,922,400
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 7.81%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Stewart R. Horejsi Trust No. 2
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization Kansas
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Number of 7. Sole Voting Power 1,697,900
Shares,Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 1,697,900
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,697,900
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 6.89%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Susan L. Ciciora Trust
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power 1,290,100
Shares Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 1,290,100
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,290,100
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 5.24%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
John S. Horejsi Trust
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power 100
Shares Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 100
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 100
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 0.00041%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Badlands Trust Company
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power
Shares Bene-
ficially 8. Shared Voting Power 1,290,200
Owned by Each
Reporting 9. Sole Dispositive Power
Person With
10. Shared Dispositive Power 1,290,200
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,290,200
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 5.24%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Stewart R. Horejsi
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) Not applicable
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 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 Bene-
ficially 8. Shared Voting Power 0
Owned by Each
Reporting 9. Sole Dispositive Power 0
Person With
10. Shared Dispositive Power 0
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 0
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) X
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13. Percent of Class Represented by Amount in Row (11) 0%
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14. Type of Reporting Person (See Instructions) IN
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Amendment No. 19 to Statement on Schedule 13D
This amended statement on Schedule 13D relates to the
Common Stock, $.001 par value per share (the "Shares"), of
First Financial Fund, Inc., a Maryland corporation (the
"Company"). Items 3, 4, 5, and 7 of this statement,
previously filed by the Ernest Horejsi Trust No. 1B (the
"Trust"), the Lola Brown Trust No. 1B (the "Brown Trust"),
the Mildred B. Horejsi Trust (the "Mildred Trust"), the
Stewart R. Horejsi Trust No. 2 (the "Stewart Trust"), the
John S. Horejsi Trust (the "John Trust"), and the Susan L.
Ciciora Trust (the "Susan Trust") as the direct beneficial
owner of Shares, and Stewart R. Horejsi, by virtue of the
relationships described previously in this statement, are
hereby amended as set forth below.
Item 3. Source and Amount of Funds or Other Consideration.
No change except for the addition of the following:
The total amount of funds required by the Susan Trust to
purchase the Shares as reported in Item 5(c) was $2,458,911.20.
Such funds were provided by the Susan Trust's cash on hand and from
intertrust advances from affiliated trusts under the Cash Management
Agreement.
Item 4. Purpose of Transaction.
No change except for the addition of the following:
The Susan Trust acquired the Shares described in Item 5(c) of
this statement in order to increase its equity interest in the
Company. Depending upon its evaluation of the Company's investments
and prospects, and upon future developments (including, but not
limited to, performance of the Shares in the market, the effective
yield on the Shares, availability of funds, alternative uses of
funds, and money, stock market and general economic conditions), any
of the Reporting Persons or other entities that may be deemed to be
affiliated with the Reporting Persons may from time to time purchase
Shares, and any of the Reporting Persons or other entities that may
be deemed to be affiliated with the Reporting Persons may from time
to time dispose of all or a portion of the Shares held by such
person, or cease buying or selling Shares. Any such additional
purchases or sales of the Shares may be in open market or privately-
negotiated transactions or otherwise.
On December 20, 2000 Stewart R. Horejsi, on behalf of the
Trusts, sent a letter to Thomas Mooney requesting the Board of First
Financial Fund nominate Richard I. Barr for election at the annual
meeting. The December 20, 2000 letter prepared by Mr. Horejsi with
enclosure is attached as Exhibit 8 and incorporated in this
statement by reference.
Item 5. Interest in Securities of the Issuer.
No change except for the addition of the following:
(a) The Trust is the direct beneficial owner of 1,795,100
Shares, or approximately 7.29% of the 24,628,781 Shares outstanding
as of May 1, 2000, according to information contained in the
Company's Annual Report for the period ending March 30, 2000 (the
"Outstanding Shares"). The Brown Trust is the direct beneficial
owner of 1,922,200 Shares, or approximately 7.81% of the Outstanding
Shares. The Mildred Trust is the direct beneficial owner of
1,922,400 Shares, or approximately 7.81% of the Outstanding Shares.
The Stewart Trust is the direct beneficial owner of 1,697,900
Shares, or approximately 6.89% of the Outstanding Shares. The Susan
Trust is the direct beneficial owner of 1,290,100 Shares, or
approximately 5.24% of the Outstanding Shares. The John Trust is
the direct beneficial owner of 100 Shares, or approximately 0.00041%
of the Outstanding Shares.
By virtue of the relationships reported in this statement, Mr.
Horejsi may be deemed to share indirect beneficial ownership of the
Shares directly beneficially owned by the Trust, the Brown Trust,
the Mildred Trust, the Stewart Trust, the Susan Trust, and the John
Trust. Mr. Horejsi disclaims all such beneficial ownership.
(c) The table below sets forth purchases of the Shares by
the Susan Trust since November 22, 2000. Such purchases were effected
by the Susan Trust on the New York Stock Exchange.
Date Amount of Shares Approximate Price
Per Share
(exclusive of commissions)
11/22/00 6000 $9.3750
11/22/00 6000 $9.3750
11/22/00 5000 $9.3750
11/27/00 5000 $9.5625
11/28/00 5000 $9.6250
11/28/00 5000 $9.6250
11/28/00 2800 $9.6250
11/28/00 2000 $9.6250
11/28/00 2000 $9.5625
11/28/00 200 $9.5625
11/29/00 12000 $9.6250
11/29/00 10000 $9.6250
11/29/00 2000 $9.6250
11/30/00 10000 $9.6250
11/30/00 8800 $9.6250
11/30/00 8300 $9.6250
11/30/00 1200 $9.6250
12/01/00 14400 $9.6250
12/01/00 5000 $9.6250
12/01/00 2400 $9.6250
12/01/00 200 $9.6250
12/04/00 15000 $9.6250
12/04/00 5000 $9.6250
12/05/00 5000 $9.6250
12/05/00 5000 $9.6250
12/05/00 5000 $9.5625
12/05/00 2000 $9.6250
12/05/00 2000 $9.6250
12/05/00 2000 $9.6250
12/06/00 10000 $9.6875
12/06/00 5000 $9.6875
12/06/00 1500 $9.6250
12/07/00 5000 $9.6250
12/07/00 3500 $9.5625
12/08/00 3200 $9.7500
12/11/00 10000 $9.8750
12/11/00 10000 $10.0000
12/11/00 5000 $10.0625
12/11/00 5000 $9.9375
12/11/00 2800 $9.7500
12/11/00 2000 $10.0000
12/11/00 1500 $10.0000
12/11/00 1200 $10.0000
12/11/00 200 $10.0625
12/12/00 5000 $10.0625
12/12/00 5000 $10.0000
12/12/00 5000 $10.0000
12/12/00 5000 $9.9375
12/12/00 2000 $10.0000
12/12/00 1000 $10.0625
12/13/00 5000 $10.0000
12/13/00 5000 $10.0000
Item 7. Material to be filed as Exhibits
Exhibit 8: Letter from Stewart R. Horejsi to Thomas
Mooney dated December 20, 2000 with enclosure.
Signature
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.
Date: December 20, 2000
/s/ Stewart R. Horejsi
Stewart R. Horejsi
/s/ Stephen C. Miller
Stephen C. Miller, as Vice
President of Badlands Trust
Company, trustee of the Ernest
Horejsi Trust No. 1B, the Lola
Brown Trust No. 1B, the Mildred B.
Horejsi Trust, the Stewart R.
Horejsi Trust No. 2, the Susan L.
Ciciora Trust, and the John S.
Horejsi Trust.
Exhibit 8
Ernest Horejsi Trust No. 1B
Lola Brown Trust No. 1B
Mildred B. Horejsi Trust
Stewart R. Horejsi Trust No. 2
SUSAN L. CICIORA TRUST
John S. Horejsi Trust
c/o Badlands Trust Company
614 Broadway
PO Box 801
Yankton, SD 57078
December 20, 2000
Via Certified Mail
Mr. Thomas Mooney
55 Saint Paul Street.
Rochester, New York 14604
Re: Nomination for the Board of Directors for First
Financial Fund
Dear Mr. Mooney:
On behalf of the Trusts listed above, I am writing to ask that
First Financial Fund's Board nominate for election at the next
annual meeting Richard I. Barr, whose resume is attached to this
letter. I think you will find Mr. Barr well qualified to be a Board
member and his credentials to be impressive.
As you know, the Trusts are the largest shareholders in the
Fund, representing, in the aggregate, over 35% of the Fund's shares.
The Trusts believe that they should have an active role in
determining who represents the Fund's shareholders. While several
changes in the makeup of the Board have occurred during the last
several years, the Trusts have not been consulted with respect to
those changes and have had no input in the decisions to identify
Board members. As a result of these considerations, we believe that
the Trust's views on the directors to be elected in 2001 deserve the
support of the Fund.
Our suggestion of Mr. Barr is based on the assumption that
only one Board seat will be up for election in 2001. If the Fund
were to decide to increase the size of the Board, the Trusts will
have suggestions for any additional seats.
We would appreciate your response as soon as possible and in
any event within the next four weeks, or by the close of business
on Friday, January 12, 2001. If the Fund chooses not to nominate
the candidates put forth by the Trusts, the Trusts will have no
choice other than to consider filing their own proxy statement to
solicit proxies in opposition to the Board. As you are aware, the
procedural hurdles that the Fund has chosen to enact require that
the Trusts give the Fund written notice of any shareholder
nominations early in 2001. Hence if a proxy contest is to be
avoided, we will have to hear back from you quickly. While we
have made no decision with respect to any proxy contest, we
believe a proxy contest would be expensive for the Fund's
shareholders. We hope you will save the Fund and its shareholders
the needless cost of an expensive proxy contest and agree to
nominate Mr. Barr.
Thank you for your consideration. Feel free to contact me via
email at [email protected], by telephone at 246-422-2464 or
the address listed above if you would like to discuss this matter
further. I look forward to hearing from you.
Sincerely,
/s/ Stewart R. Horejsi
Stewart R. Horejsi
Cc: Sheila E. Wilson
RICHARD BARR
2502 E. Solano Drive
Phoenix, AZ 85016
Telephone: (602) 955-6279
Fax: (602) 955-7548
Business Experience
* Director, Boulder Total Return Fund, Inc., 1998 - present
* President and Director, Advantage Sales and Marketing,
Phoenix, Arizona, 1997-1999
* President and CEO, C,B,S. Marketing, 1976-1997
* Board of Directors, National Chairman, 1998, Association of Sales
and Marketing Companies (formerly National Food Brokers Association)
1992-1998
* Board of Directors, President, 1994, Valley Big Brothers/Big Sisters,
1988-1995
* Board of Advisors, Kansas University Business School,
1995-present
* Board of Directors, St. Mary's Food Bank, 1990-1996
* President, Arizona Food Brokers Association, 1992, 1994, 1996
* Advisory Board Member, Various food manufacturers, including H.J.
Heinz, ConAgra, Kraft Foods, M&M Mars, etc., 1980 - present
