UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
CALIFORNIA COASTAL COMMUNITIES, INC.
- --------------------------------------------------------------------------------
(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
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
December 7, 1999
- --------------------------------------------------------------------------------
(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>
CUSIP No. 42550H SCHEDULE 13D
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 369,903 Shares
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
369,903 Shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
369,903 Shares
- --------------------------------------------------------------------------------
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)
3.68%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 18
<PAGE>
CUSIP No. 42550H SCHEDULE 13D
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Edelman Value Fund, Ltd.
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 417,016 Shares
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
417,016 Shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,016 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.15%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 18
<PAGE>
CUSIP No. 42550H SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Asher B. Edelman & Associates LLC
- --------------------------------------------------------------------------------
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 417,516 Shares (comprised of shares owned by Edelman
OWNED BY Value Fund, Ltd. and shares owned by Wimbledon Edelman
EACH Select Opportunities Hedged Fund, Ltd.)
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
417,516 Shares (comprised of shares owned by Edelman
Value Fund, Ltd. and shares owned by Wimbledon Edelman
Select Opportunities Hedged Fund, Ltd.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,516 Shares (comprised of shares owned by Edelman Value Fund, Ltd. and
shares owned by Wimbledon Edelman Select Opportunities Hedged Fund,
Ltd.)
- --------------------------------------------------------------------------------
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)
4.15%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 18
<PAGE>
CUSIP No. 42550H SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
A.B. Edelman Management Company, Inc.
- --------------------------------------------------------------------------------
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 369,903 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
369,903 Shares (comprised of shares owned by Edelman
Value Partners, L.P.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
369,903 Shares (comprised of shares owned by Edelman Value Partners, L.P.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.68%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 18
<PAGE>
CUSIP No. 42550H SCHEDULE 13D
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Asher B. Edelman
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
- --------------------------------------------------------------------------------
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
--------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 787,419 Shares (comprised of shares owned by Edelman
BENEFICIALLY Value Partners, L.P., shares owned by Edelman Value
OWNED BY Fund, Ltd. and shares owned by Wimbledon Edelman Select
EACH Opportunities Hedged Fund, Ltd.)
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
787,419 Shares (comprised of shares owned by Edelman
Value Partners, L.P., shares owned by Edelman Value
Fund, Ltd. and shares owned by Wimbledon Edelman Select
Opportunities Hedged Fund, Ltd.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
787,419 Shares (comprised of shares owned by Edelman Value Partners, L.P.,
shares owned by Edelman Value Fund, Ltd. and shares owned by Wimbledon
Edelman Select Opportunities Hedged Fund, Ltd.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.82%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 18
<PAGE>
CUSIP No. 42550H SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wimbledon Edelman Select Opportunities Hedged Fund, Ltd.
- --------------------------------------------------------------------------------
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 ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bahamas
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 500 Shares
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
500 Shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
500 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.005%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 18
<PAGE>
CUSIP No. 42550H SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wimbledon Fund, Ltd., Edelman Select Opportunities Hedged Class Shares
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bahamas
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 500 Shares (comprised of shares owned by Wimbledon
OWNED BY Edelman Select Opportunities Hedged Fund, Ltd.)
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
500 Shares (comprised of shares owned by Wimbledon
Edelman Select Opportunities Hedged Fund, Ltd.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
500 Shares (comprised of shares owned by Wimbledon Edelman Select
Opportunities Hedged Fund, Ltd.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.005%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 18
<PAGE>
CUSIP No. 42550H SCHEDULE 13D
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Weston Capital Management LLC
- --------------------------------------------------------------------------------
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 ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 500 Shares (comprised of shares owned by Wimbledon
OWNED BY Edelman Select Opportunities Hedged Fund, Ltd.)
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
500 Shares (comprised of shares owned by Wimbledon
Edelman Select Opportunities Hedged Fund, Ltd.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
500 Shares (comprised of shares owned by Wimbledon Edelman Select
Opportunities Hedged Fund, Ltd.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.005%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 18
<PAGE>
This Amendment No. 3 is being filed by (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"), (v) Wimbledon Edelman Select
Opportunities Hedged Fund, Ltd., a Bahamian corporation ("Wimbledon"), (vi)
Wimbledon Fund, Ltd., Edelman Select Opportunities Hedged Class Shares, a
Bahamian corporation ("Select"), (vii) Weston Capital Management LLC, a
Connecticut limited liability company ("Weston"), and (viii) 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") and amends the Schedule 13D (the "Schedule 13D") filed on July 9,
1999 by Edelman Value Partners, Edelman Value Fund, Edelman Management, Edelman
Associates and Asher B. Edelman (the "Initial Reporting Persons"), as amended by
Amendment Nos. 1 and 2 filed by the Initial Reporting Persons on August 3, 1999
and October 14, 1999, respectively. Capitalized terms herein which are not
otherwise defined herein shall have the meanings ascribed to such terms in the
Schedule 13D and Amendment No. 1 thereto.
Item 2. Identity and Background
Item 2 is hereby amended and restated to read as follows:
(a) This Statement is filed as a joint statement pursuant to Rule
13d-1(k) promulgated under the Securities Exchange Act of 1934 (the "Exchange
Act") by (i) Edelman Value Partners, L.P., a Delaware limited partnership
("Edelman Value Partners"), with respect to the shares owned by it, (ii) Edelman
Value Fund, Ltd., a British Virgin Islands corporation ("Edelman Value Fund"),
with respect to the shares owned by it, (iii) A.B. Edelman Management Company,
Inc., a New York corporation ("Edelman Management"), as the sole general partner
of Edelman Value Partners, with respect to the shares owned by Edelman Value
Partners, (iv) Wimbledon Edelman Select Opportunities Hedged Fund, Ltd., a
Bahamian corporation ("Wimbledon"), with respect to the shares owned by it, (v)
Weston Capital Management LLC, a Connecticut limited liability company
("Weston") as Portfolio Manager of Wimbledon, with respect to the shares owned
by Wimbledon, (vi) Wimbledon Fund Ltd., Edelman Select Opportunities Hedged
Class Shares, a Bahamian corporation ("Select"), the 100% owner of Wimbledon,
with respect to the shares owned by Wimbledon, (vi) Asher B. Edelman &
Associates LLC, a Turks and Caicos limited liability company ("Edelman
Associates"), as Investment Manager for Edelman Value Fund and as Trading
Advisor of Wimbledon, with respect to the shares owned by Edelman Value Fund and
Wimbledon, and (viii) Asher B. Edelman, as Managing Member for Edelman
Associates and as president and sole Director of Edelman Management, with
respect to the shares owned by Edelman Value Fund, Edelman Value Partners and
Wimbledon (Asher B. Edelman, Edelman Value Partners, Edelman Value Fund, Edelman
Associates, Wimbledon, Select, Weston and Edelman
Page 10 of 18
<PAGE>
Management are hereinafter collectively referred to as the "Reporting Persons").
The Reporting Persons are making a group filing because, due to the
relationships between them, the Reporting Persons may be deemed to constitute a
"group" for purposes of Section 13(d)(3) of the Exchange Act.
The sole general partner of Edelman Value Partners is Edelman
Management. The directors of Edelman Value Fund are Didier M.M. Ruffat and Jean
de Menton. The Investment Manager of Edelman Value Fund is Edelman Associates.
The members of Edelman Associates are Asher B. Edelman, Irving Garfinkel, Gerald
N. Agranoff, Scott G. Kasen and Stephen McAllister. Mr. Edelman is the sole
director and President of Edelman Management. Mr. Garfinkel is the Secretary and
Treasurer of Edelman Management; Mr. Agranoff is the Vice-President of Edelman
Management.
The directors of Wimbledon and Select are Rhonda McDeigan-Eldridge
and Dorothea I. Thompson. The Secretary of Wimbledon and Select is Helen Forbes.
The President, Vice President and Assistant Secretary of Wimbledon and Select is
Dorothea I. Thompson. The Trading Advisor of Wimbledon is Edelman Associates.
The Portfolio Manager of Wimbledon is Weston, which is 50% owned by Brigadier
Investments Limited, a Channel Islands corporation ("Brigadier") and 50% owned
by Albert Hallac. Wimbledon is wholly-owned by Select. The directors of
Brigadier are GCI Management Ltd. and Riverdale Limited, each of which are
Channel Island corporations.
(b) The address of the principal business and principal office of
each of Edelman Management, Edelman Value Partners, Irving Garfinkel, Scott G.
Kasen and Gerald N. Agranoff is 717 Fifth Avenue, New York, New York 10022. The
principal business address of Edelman Associates is c/o AMS Trust (Luxembourg)
S.A., 595 Rue du Neudorf, L-2220, Luxembourg, Luxembourg. The principal business
address of Edelman Value Fund is the Creque Building, P.O. Box 116, Road Town,
Tortola, B.V.I. Asher B. Edelman maintains business offices in conjunction with
the foregoing entities. The principal business address of Stephen McAllister is
19 Rue da la Croix d'Or - 1204, Geneva, Switzerland. The principal business
address of each of Wimbledon, Select, Ms. McDeigan-Eldridge, Ms. Forbes and Ms.
Thompson is c/o MeesPierson Fund Services (Bahamas) Limited, Montague Sterling
Centre, East Bay Street, P.O. Box SS6238, Nassau, Bahamas. The principal
business address of each of Weston and Mr. Hallac is 264 Riverside Avenue,
Westport, Connecticut, 06880. The principal business address of Brigadier is c/o
Riverdale Limited, P.O. Box 124, Mignot Plateau, Cornet Street, St. Peter Port,
Guernsey, Channel Islands, GYI4EG.
(c) The principal business of Edelman Value Partners is that of an
investment partnership. The principal business of Edelman Value Fund is that of
an investment fund. The principal business of Edelman Management is that of an
investment manager. The principal business of Edelman Associates is that of an
investment manager. Mr. Edelman is principally in the business of investing for
profit in securities and various other assets, including through various
investment partnerships and other entities. Mr. Edelman also serves on the
Boards of Directors of several corporations and acts as the indirect General
Partner of Edelman Securities, a registered broker-dealer.
Page 11 of 18
<PAGE>
The principal business of Wimbledon is that of the investment
vehicle for Select. The principal business of Weston is that of portfolio
manager for various investment funds. The principal business of Brigadier is
that of investing for profit. The principal business of Mr. Hallac is that of
managing member of Weston. The principal business of Select is that of an
investment fund.
Mr. Garfinkel is principally employed as a member of Edelman
Associates.
Mr. Agranoff is principally employed as a member of Edelman
Associates.
Mr. Kasen is principally employed as a member of Edelman Associates.
Mr. McAllister is principally employed as a member of Edelman
Associates.
Ms. McDeigan-Eldridge is principally employed as managing director
of MeesPierson Fund Services (Bahamas) Limited ("Mees"), an administrator of
offshore funds.
Ms. Thompson and Ms. Forbes are each principally employed as
managers of Mees.
The principal business of each of GCI Management Ltd. and Riverdale
Limited is that of an administrator of offshore companies.
(d) To the best knowledge of the Reporting Persons, none of the
persons referred to in paragraph (a) above has during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) To the best knowledge of the Reporting Persons, none of the
persons referred to in paragraph (a) above has during the last five years, been
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, decrees 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 thereto.
(f) Each of Asher B. Edelman, Scott G. Kasen, Stephen McAllister,
Irving Garfinkel, and Gerald B. Agranoff is a citizen of the United States. Each
of Didier M.M. Ruffat and Jean de Menton is a citizen of France. Each of Rhonda
McDeigan-Eldridge, Helen Forbes and Dorothea I. Thompson is a citizen of the
Bahamas. Albert Hallac is a citizen of Canada.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended as follows:
Page 12 of 18
<PAGE>
The aggregate amount of funds used by Edelman Value Partners to
purchase shares of Common Stock since, and including, the date of Amendment No.
2 to the Schedule 13D was $51,975. 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, and including, the date of Amendment No. 2 to the
Schedule 13D was $207,755. The source of funds used by Edelman Value Partners to
purchase such shares was working capital.
The aggregate amount of funds used to purchase the shares of Common
Stock held by Wimbledon was $3,525. The source of funds used by Wimbledon to
purchase such shares was capital contributions from Select.
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 10,058,589 shares of
Common Stock outstanding as of November 1, 1999, as reported in the Company's
quarterly report on Form 10-Q for the period ended September 30, 1999.
As of the close of business on December 8, 1999:
(i) Edelman Value Partners owns 369,903 shares of Common Stock
which constitute approximately 3.68% 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 369,903 shares of Common Stock owned by
Edelman Value Partners. Such shares of Common Stock constitute
approximately 3.68% of the shares of Common Stock outstanding;
(iii) Edelman Value Fund owns 417,016 shares of Common Stock
which constitute approximately 4.15% of the shares of Common Stock
outstanding;
(iv) Wimbledon owns 500 shares of Common Stock which
constitute approximately .005% of the shares of Common Stock outstanding.
(v) Select owns no shares of Common Stock. As the 100% parent
of Wimbledon, Weston may be deemed by the provisions of Rule 13d-3 of the
Exchange Act Rules to be the beneficial owner of the 500 shares of Common
Stock
Page 13 of 18
<PAGE>
owned by Wimbledon. Such shares of Common Stock constitute approximately
.005% of the shares of Common Stock outstanding.
(vi) Weston owns no shares of Common Stock. As Portfolio
Manager of Wimbledon, Weston may be deemed by the provisions of Rule 13d-3
of the Exchange Act Rules, to be the beneficial owner of the 500 shares of
Common Stock owned by Wimbledon. Such shares of Common Stock constitute
approximately .005% of the shares of Common Stock outstanding.
(vii) Edelman Associates owns no shares of Common Stock. As
Investment Manager of Edelman Value Fund and Trading Advisor of Wimbledon,
Edelman Associates may be deemed under the provisions of Rule 13D-3 of the
Exchange Act Rules, to be the beneficial owner of the 417,016 shares of
Common Stock owned by Edelman Value Fund and the 500 shares of Common
Stock owned by Wimbledon. Such shares of Common Stock constitute
approximately 4.15% of the shares of Common Stock outstanding.
(viii) Asher B. Edelman owns no shares of Common Stock. As (i)
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
and the Trading Advisor of Wimbledon, Mr. Edelman may be deemed under the
provisions of Rule 13d-3 of the Exchange Act Rules, to be the beneficial
owner of the 369,903 shares of Common Stock owned by Edelman Value
Partners, the 417,016 shares of Common Stock owned by Edelman Value Fund
and the 500 shares owned by Wimbledon. Such shares of Common Stock, in the
aggregate, constitute approximately 7.82% 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 Amendment No. 2 to the Schedule 13D. All such transactions were effected on
the open market.
Purchase Number Price
Entity Date or Sale Of Shares per Share
------ ---- ------- --------- ---------
Edelman Value Fund 10/15/99 P 3,000 $ 7.155
Edelman Value Fund 10/18/99 P 3,600 $ 7.03
Edelman Value Fund 10/19/99 P 10,000 $ 6.905
Edelman Value Fund 10/25/99 P 2,000 $6.9519
Edelman Value Fund 10/27/99 P 700 $ 7.155
Edelman Value Fund 10/29/99 P 10,000 $7.3019
Edelman Value Partners 11/30/99 P 7,500 $ 6.93
Wimbledon 12/7/99 P 500 $ 7.05
Page 14 of 18
<PAGE>
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended and restated in part as follows:
Exhibit 1: Agreement Pursuant to Rule 13d-1(k)
Page 15 of 18
<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: December 8, 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., Wimbledon Edelman Select
Opportunities Hedged Fund, Ltd., Weston Capital
Management LLC, Wimbledon Fund Ltd., Edelman Select
Opportunities Hedged Class Shares, Asher B. Edelman
& Associates LLC and A.B. Edelman Management
Company, Inc.
Page 16 of 18
EXHIBIT 1
AGREEMENT REGARDING JOINT FILING UNDER
SECTION 13(d) OF THE EXCHANGE ACT
FOR VALUE RECEIVED, the undersigned, effective as of December 8,
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., Wimbledon Edelman Select Opportunities Hedged Fund,
Ltd., Weston Capital Management LLC, Wimbledon Fund Ltd., Edelman Select
Opportunities Hedged Class Shares, 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
WIMBLEDON EDELMAN SELECT OPPORTUNITIES HEDGED
FUND, LTD., a Bahamian corporation
By: /s/ Dorothea I. Thompson
----------------------------------------------
Dorothea I. Thompson, Director
WIMBLEDON FUND, LTD., EDELMAN SELECT
OPPORTUNITIES HEDGED CLASS SHARES, a Bahamian
corporation
By: /s/ Dorothea I. Thompson
----------------------------------------------
Dorothea I. Thompson, Director
WESTON CAPITAL MANAGEMENT LLC
By: /s/ Kristen Leopold
----------------------------------------------
Kristen Leopold, Chief Financial Officer
Page 18 of 18
