UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
CALIFORNIA COASTAL COMMUNITIES, INC.
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(Name of Issuer)
Common Stock, $0.05 par value per share
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(Title of Class of Securities)
42550H
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(CUSIP Number)
Todd J. Emmerman, Esq.
Asher B. Edelman c/o Rosenman & Colin LLP
717 Fifth Avenue 575 Madison Avenue
New York, New York 10022 New York, New York 10022
(212) 371-7711 (212) 940-8873
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
August 2, 1999
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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 |_|.
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 (the "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. 42550H
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Edelman Value Partners, L.P.
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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
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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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7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 343,012 Shares
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
343,012 Shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
343,012 Shares
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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)
3.41%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 42550H
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Edelman Value Fund, Ltd.
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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
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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
British Virgin Islands
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7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 352,816 Shares
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
352,816 Shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
352,816 Shares
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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)
3.51%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 42550H
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Asher B. Edelman & Associates LLC
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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
Turks and Caicos
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7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 352,816 Shares (comprised of shares owned by Edelman
OWNED BY Value Fund, Ltd.)
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
352,816 Shares (comprised of shares owned by Edelman
Value Fund, Ltd.)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
352,816 Shares
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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)
3.51%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 42550H
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
A.B. Edelman Management Company, Inc.
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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*
Not applicable
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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
New York
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7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 343,012 Shares (comprised of shares owned by Edelman
OWNED BY Value Partners, L.P.)
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
343,012 Shares (comprised of shares owned by Edelman
Value Partners, L.P.)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
343,012 Shares (comprised of shares owned by Edelman Value Partners, L.P.)
- --------------------------------------------------------------------------------
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)
3.41%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 42550H
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Asher B. Edelman
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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*
Not applicable
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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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7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 695,828 Shares (comprised of shares owned by Edelman
OWNED BY Value Partners, L.P., and shares owned by Edelman Value
EACH Fund, Ltd.)
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
695,828 Shares (comprised of shares owned by Edelman
Value Partners, L.P., and shares owned by Edelman Value
Fund, Ltd.)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
695,828 Shares (comprised of shares owned by Edelman Value Partners, L.P.,
and shares owned by Edelman Value Fund, Ltd.)
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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)
6.92%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 1 (the "Amendment") amends the Schedule 13D filed
on July 9, 1999 (the "Original Schedule 13D") on behalf of (i) Edelman Value
Partners, L.P., a Delaware limited partnership ("Edelman Value Partners"), (ii)
Edelman Value Fund, Ltd., a British Virgin Islands corporation ("Edelman Value
Fund"), (iii) A.B. Edelman Management Company, Inc., a New York corporation
("Edelman Management"), (iv) Asher B. Edelman & Associates LLC, a Turks and
Caicos limited liability company ("Edelman Associates") and (v) Asher B. Edelman
(such entities and individual are collectively referred to herein as the
"Reporting Persons"), with respect to the Common Stock, par value $0.05 per
share (the "Common Stock") of California Coastal Communities, Inc., a company
incorporated and existing under the laws of the State of Delaware (the
"Company"). Capitalized terms herein which are not otherwise defined herein
shall have the meanings ascribed to such terms in the Original Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended as follows:
The aggregate amount of funds used by Edelman Value Partners to
purchase shares of Common Stock since the date of the Original Schedule 13D was
$594,229. The source of funds used by Edelman Value Fund to purchase such shares
was working capital.
The aggregate amount of funds used by Edelman Value Fund to purchase
shares of Common Stock since the date of the Original Schedule 13D was $555,375.
The source of funds used by Edelman Value Partners to purchase such shares was
working capital.
Item 5. Interest in Securities of the Issuer.
(a) Item 5(a) is hereby amended and restated to read as follows:
The aggregate percentage of the outstanding shares of Common Stock
reported owned by each Reporting Person is based upon 10,058,539 shares of
Common Stock outstanding as of June 18, 1999, as reported in the Company's
report on Form 8-K, filed as of June 24, 1999.
As of the close of business on August 2, 1999:
(i) Edelman Value Partners owns 343,012 shares of Common Stock
which constitute approximately 3.41% of the shares of Common Stock
outstanding;
(ii) Edelman Management owns no shares of Common Stock. As
sole General Partner of Edelman Value Partners, Edelman Management may be
deemed, by the provisions of Rule 13d-3 of the Exchange Act Rules, to be
the beneficial owner of the 343,012 shares of Common Stock owned by
Edelman Value Partners. Such shares of Common Stock constitute
approximately 3.41% of the shares of Common Stock outstanding;
(iii) Edelman Value Fund owns 352,816 shares of Common Stock
which constitute approximately 3.51% of the shares of Common Stock
outstanding;
<PAGE>
(iv) Edelman Associates owns no shares of Common Stock. As
Investment Manager of Edelman Value Fund, Edelman Associates may be deemed
under the provisions of Rule 13D-3 of the Exchange Act Rules, to be the
beneficial owner of the 352,816 shares of Common Stock owned by Edelman
Value Fund. Such shares of Common Stock constitute approximately 3.51% of
the shares of Common Stock outstanding.
(v) Asher B. Edelman owns no shares of Common Stock. As the
President and sole Director of Edelman Management, which is the sole
General Partner of Edelman Value Partners, and as the Managing Member of
Edelman Associates, which is the Investment Manager of Edelman Value Fund,
Mr. Edelman may be deemed under the provisions of Rule 13d-3 of the
Exchange Act Rules, to be the beneficial owner of the 343,012 shares of
Common Stock owned by Edelman Value Partners and the 352,816 shares of
Common Stock owned by Edelman Value Fund. Such shares of Common Stock, in
the aggregate, constitute approximately 6.92% of the shares of Common
Stock outstanding;
(c) Item 5(c) is hereby amended as follows:
Set forth below is a description of all transactions in shares of
Common Stock that were effected by any of the Reporting Persons since the date
of the Original Schedule 13D. All such transactions were effected on the open
market.
Number Price
Entity Date Of Shares per Share
------ ---- --------- ---------
Edelman Value Partners 7/12/99 59 $6.875
Edelman Value Partners 7/15/99 1,700 $6.875
Edelman Value Partners 7/23/99 500 $7.25
Edelman Value Partners 7/27/99 1,500 $7.8125
Edelman Value Partners 7/30/99 1,500 $7.50
Edelman Value Partners 8/2/99 75,000 $7.375
Edelman Value Fund 8/2/99 75,000 $7.375
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby restated as follows:
Exhibit 1: Agreement Pursuant to Rule 13d-1(k)
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: August 3, 1999
/s/ Scott G. Kasen
-----------------------------------------
Scott G. Kasen, as attorney-in-fact for
each of Asher B. Edelman, Edelman Value
Partners, L.P., Edelman Value Fund, Ltd.,
Asher B. Edelman & Associates LLC and
A.B. Edelman Management Company, Inc.
EXHIBIT 1
AGREEMENT REGARDING JOINT FILING UNDER
SECTION 13(d) OF THE EXCHANGE ACT
FOR VALUE RECEIVED, the undersigned, effective as of July 9, 1999,
hereby agree as follows:
1. Joint Filing Authorization. Each party hereto authorizes SCOTT G.
KASEN to file on their behalf with the Securities & Exchange Commission (the
"SEC"), all appropriate exchanges and other appropriate parties, as a joint
filing for all of the undersigned parties pursuant to Rule 13d-1(k), a statement
of their beneficial ownership of the Common Stock, $0.05 par value per share of
CALIFORNIA COASTAL COMMUNITIES, INC. (the "Company") on Schedule 13D as
promulgated by the SEC, including any pertinent amendments thereto, and
including, where applicable, additions or deletions to the group represented by
the undersigned.
2. Power of Attorney.
Each of Edelman Value Partners, L.P., Edelman Value Fund, Ltd.,
Asher B. Edelman & Associates LLC, individually and as Investment Manager of
Edelman Value Fund, Ltd., and A.B. Edelman Management Company, Inc.,
individually and in its capacity as General Partner of Edelman Value Partners,
L.P., and Asher B. Edelman, hereby designates and appoints SCOTT G. KASEN as
their attorney-in-fact, to take all actions and to execute all documentation in
their stead and on their behalf necessary or prudent to effectuate the joint
filings relating to the Company contemplated by this Agreement, until revoked in
writing by the party.
3. Binding on Heirs, Representatives, Successors and Assigns. This
Agreement shall be binding upon the undersigned and their respective heirs,
representatives, successors and assigns.
/s/ Asher B. Edelman
-------------------------------
Asher B. Edelman
EDELMAN VALUE PARTNERS, L.P.,
a Delaware limited partnership
By: A.B. Edelman Management Company, Inc., a
New York corporation, General Partner
By: /s/ Asher B. Edelman
---------------------------
Asher B. Edelman, President
<PAGE>
EDELMAN VALUE FUND, LTD.,
a British Virgin Islands corporation
By: Asher B. Edelman & Associates LLC, its
its Investment Manager
By: /s/ Asher B. Edelman
--------------------------------------
Asher B. Edelman, Managing Member
A.B. EDELMAN MANAGEMENT COMPANY, INC.,
a New York corporation
By: /s/ Asher B. Edelman
--------------------------------------
Asher B. Edelman, President
ASHER B. EDELMAN & ASSOCIATES LLC,
a limited liability company
By: /s/ Asher B. Edelman
--------------------------------------
Asher B. Edelman, Managing Member
