UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
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)
June 30, 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
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CUSIP No. 42550H
------
- --------------------------
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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 ITEMS
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 --------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 262,753 Shares
EACH --------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
262,753 Shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
262,753 Shares
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12 CHECK THIS 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)
2.61%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 13 pages
<PAGE>
SCHEDULE 13D
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CUSIP No. 42550H
------
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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 ITEMS
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 --------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 277,816 Shares
EACH --------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
277,816 Shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
277,816 Shares
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12 CHECK THIS 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)
2.76%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 13 pages
<PAGE>
SCHEDULE 13D
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CUSIP No. 42550H
------
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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 ITEMS
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 --------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 277,816 Shares (comprised of shares owned by Edelman
EACH Value Fund, Ltd.)
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
277,816 Shares (comprised of shares owned by Edelman
Value Fund, Ltd.)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
277,816 Shares (comprised of shares owned by Edelman Value Fund, Ltd.)
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12 CHECK THIS 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)
2.76%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 13 pages
<PAGE>
SCHEDULE 13D
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CUSIP No. 42550H
------
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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 ITEMS
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 --------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 262,753 Shares (comprised of shares owned by Edelman
EACH Value Partners, L.P.)
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
262,753 Shares (comprised of shares owned by Edelman
Value Partners, L.P.)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
262,753 Shares (comprised of shares owned by Edelman Value Partners,
L.P.)
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12 CHECK THIS 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)
2.61%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 13 pages
<PAGE>
- --------------------------
CUSIP No. 42550H
------
- --------------------------
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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 ITEMS
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 --------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 540,569 Shares (comprised of shares owned by Edelman
EACH Value Partners, L.P. and shares owned by Edelman Value
REPORTING Fund, Ltd.)
PERSON --------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
540,569 Shares (comprised of shares owned by Edelman
Value Partners, L.P. and shares owned by Edelman Value
Fund, Ltd.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
540,569 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 THIS 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)
5.37%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 13 pages
<PAGE>
Item 1. Security and Issuer
This Statement on Schedule 13D relates to the Common Stock, par
value $0.05 per share (the "Common Stock") of California Coastal Communities,
Inc. (the "Company"), a company organized and existing under the laws of the
State of Delaware. The address of the Company's principal executive offices is 6
Executive Circle, Suite 250, Irvine, California 92614.
Item 2. Identity and Background
(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) Asher B. Edelman & Associates LLC, a Turks and Caicos limited
liability company ("Edelman Associates"), as Investment Manager for Edelman
Value Fund with respect to the shares owned by Edelman Value Fund, and (v) Asher
B. Edelman, as Managing Member for Edelman Associates and as president and sole
Director of Edelman Management (Asher B. Edelman, Edelman Value Partners,
Edelman Value Fund, Edelman Associates and Edelman 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.
(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 each of Edelman Value Fund and Bayard 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.
(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 7 of 13 pages
<PAGE>
The principal business of Bayard is to provide administrative
services to offshore companies.
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.
(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.
Item 3. Source and Amount of Funds or Other Consideration.
The aggregate amount of funds used to purchase the shares of Common
Stock held by Edelman Value Fund was $2,870,444. The source of funds used by
Edelman Value Fund to purchase such shares was working capital.
The aggregate amount of funds used to purchase the shares of Common
Stock held by Edelman Value Partners was $2,193,336. The source of funds used by
Edelman Value Partners to purchase such shares was working capital.
The Reporting Persons may possess portfolios containing securities
in addition to those of the Company which portfolio may, from time to time, be
held in margin accounts at major domestic brokerage firms which may have debit
balances, and which may, from time to time, be subject to security interests in
favor of major domestic or international lending institutions to secure working
capital advances. Since the portfolio securities include shares other than those
of the Company, it is highly impractical to determine the amount, if any,
borrowed with respect to the Company's shares held in such general accounts or
comprising a portion of such collateral.
Page 8 of 13 pages
<PAGE>
Item 4. Purpose of Transaction.
The Reporting Persons acquired the shares of Common Stock reported
herein as being beneficially owned by them for investment purposes. Depending
upon market conditions and other factors that the Reporting Persons may deem
material to their respective investment decisions, the Reporting Persons may
purchase additional securities of the Company in the open market or in private
transactions, or may dispose of all or a portion of the securities of the
Company that the Reporting Persons own or hereafter may acquire. Except as
otherwise set forth herein, none of the persons or entities named in Item 2 has
any plans or proposals which relate to, or could result, in any of the matters
referred to in Paragraphs (b) through (j) of Item 4 of Schedule 13D. However,
the Reporting Persons intend to periodically evaluate the performance of the
Company and of the Company's management as well as market conditions and other
factors which the Reporting Persons deem relevant to their investment, and, in
connection therewith, the Reporting Persons reserve the right to take any
actions which could relate to, or result in, any of the matters referred to in
paragraphs (b) through (j) of Item 4 of Schedule 13D. Any change in the plans or
proposals of the Reporting Persons would be reported promptly in accordance with
the provisions of the Exchange Act and the rules promulgated thereunder.
Item 5. Interest in Securities of the Issuer.
(a) 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 July 8, 1999:
(i) Edelman Value Partners owns 262,753 shares of Common Stock
which constitute approximately 2.61% 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 262,753 shares of Common Stock owned by
Edelman Value Partners. Such shares of Common Stock constitute
approximately 2.61% of the shares of Common Stock outstanding;
(iii) Edelman Value Fund owns 277,816 shares of Common Stock
which constitute approximately 2.76% of the shares of Common Stock
outstanding;
(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 277,816 shares of Common Stock owned by Edelman
Value Fund. Such shares of Common Stock constitute approximately 2.76% 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
Page 9 of 13 pages
<PAGE>
the provisions of Rule 13d-3 of the Exchange Act Rules, to be the
beneficial owner of the 262,753 shares of Common Stock owned by Edelman
Value Partners and the 277,816 shares of Common Stock owned by Edelman
Value Fund. Such shares of Common Stock, in the aggregate, constitute
approximately 5.37% of the shares of Common Stock outstanding;
(b) Edelman Value Partners has the sole power to vote and dispose of
the shares of Common Stock owned by it, which power is exercisable by Mr.
Edelman, as President and sole Director of Edelman Management, which is the sole
General Partner of Edelman Value Partners.
Edelman Value Fund has the sole power to vote and dispose of the
shares of Common Stock owned by it, which power is exercisable by Mr. Edelman,
as Managing Member of Edelman Associates, which is the Investment Manager of
Edelman Value Fund.
(c) Set forth below is a description of all transactions in shares
of Common Stock that were effected during the past sixty days by any of the
Reporting Persons. All such transactions were effected on the open market.
Number Price
Entity Date Of Shares per Share
------ ---- --------- ---------
Edelman Value Partners 5/28/99 2,000 $6.53
Edelman Value Partners 6/2/99 5,000 $6.53
Edelman Value Partners 6/9/99 3,500 $6.655
Edelman Value Partners 6/10/99 10,000 $6.53
Edelman Value Partners 6/11/99 5,000 $6.53
Edelman Value Partners 6/15/99 2,500 $6.498752
Edelman Value Partners 6/15/99 10,000 $6.498752
Edelman Value Partners 6/17/99 3,800 $6.53
Edelman Value Partners 6/17/99 5,000 $6.53
Edelman Value Partners 6/24/99 500 $6.78
Edelman Value Partners 6/24/99 20,000 $6.78
Edelman Value Partners 6/28/99 10,000 $7.0276
Edelman Value Fund 6/28/99 5,600 $7.0296
Edelman Value Partners 6/30/99 16,500 $7.1324
Edelman Value Fund 6/30/99 10,000 $7.1324
Edelman Value Partners 7/2/99 10,000 $7.125
Edelman Value Fund 7/2/99 9,000 $7.125
Edelman Value Partners 7/6/99 5,000 $7.25
Edelman Value Fund 7/6/99 5,000 $7.25
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with respect to
Securities of the Issuer.
Except as otherwise described herein, neither the Reporting Persons,
nor, to the best knowledge of the Reporting Persons, any person identified in
Item 2, have any contracts, arrangements, understandings or relationships (legal
or otherwise) with any person with respect to the securities of the Company.
Item 7. Material to be Filed as Exhibits.
Exhibit 1: Agreement Pursuant to Rule 13d-1(k)
Page 10 of 13 pages
<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: July 9, 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.
Page 11 of 13 pages
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 12 of 13 pages
<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
Page 13 of 13 pages
