SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 4)(1)
CALIFORNIA COASTAL COMMUNITIES, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.05 par value per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
42550H
- --------------------------------------------------------------------------------
(CUSIP Number)
Asher B. Edelman Todd J. Emmerman, Esq.
717 Fifth Avenue c/o Rosenman & Colin LLP
New York, New York 10022 575 Madison Avenue
(212) 371-7711 New York, New York 10022
(212) 940-8873
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 3, 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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box |_|.
Note. Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See Rule
13d-7(b) for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 17 Pages)
- ----------
(1) 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 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 Page 2 of 17 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Edelman Value Partners, L.P.
- --------------------------------------------------------------------------------
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
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 396,203 Shares
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
396,203 Shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
396,203 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.94%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 42550H SCHEDULE 13D Page 3 of 17 Pages
- --------------------------------------------------------------------------------
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) |_|
- --------------------------------------------------------------------------------
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
British Virgin Islands
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 440,016 Shares
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
440,016 Shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
440,016 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.37%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 42550H SCHEDULE 13D Page 4 of 17 Pages
- --------------------------------------------------------------------------------
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) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Turks and Caicos
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF 472,016 Shares (comprised of shares owned by Edelman
SHARES Value Fund, Ltd. and shares owned by Wimbledon Edelman
BENEFICIALLY Select Opportunities Hedged Fund, Ltd.)
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
472,016 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
472,016 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* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.69%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 42550H SCHEDULE 13D Page 5 of 17 Pages
- --------------------------------------------------------------------------------
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) |_|
- --------------------------------------------------------------------------------
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
New York
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 396,203 Shares (comprised of shares owned by Edelman
BENEFICIALLY Value Partners, L.P.)
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
396,203 Shares (comprised of shares owned by Edelman
Value Partners, L.P.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
396,203 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)
3.94%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 42550H SCHEDULE 13D Page 6 of 17 Pages
- --------------------------------------------------------------------------------
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) |_|
- --------------------------------------------------------------------------------
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
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
8 SHARED VOTING POWER
868,219 Shares (comprised of shares owned by Edelman
NUMBER OF Value Partners, L.P., shares owned by Edelman Value
SHARES Fund, Ltd. and shares owned by Wimbledon Edelman Select
BENEFICIALLY Opportunities Hedged Fund, Ltd.)
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
868,219 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
868,219 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)
8.63%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 42550H SCHEDULE 13D Page 7 of 17 Pages
- --------------------------------------------------------------------------------
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 32,000 Shares
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
32,000 Shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,000 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.32%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 42550H SCHEDULE 13D Page 8 of 17 Pages
- --------------------------------------------------------------------------------
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 32,000 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
32,000 Shares (comprised of shares owned by Wimbledon
Edelman Select Opportunities Hedged Fund, Ltd.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,000 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)
0.32%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 42550H SCHEDULE 13D Page 9 of 17 Pages
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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 32,000 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
32,000 Shares (comprised of shares owned by Wimbledon
Edelman Select Opportunities Hedged Fund, Ltd.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,000 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)
0.32%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 4 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, and by Amendment No. 3 filed by the
Reporting Persons on December 9, 1999. Capitalized terms herein which are not
otherwise defined herein shall have the meanings ascribed to such terms in the
Schedule 13D and the Amendments thereto.
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 Amendment No. 3 to the
Schedule 13D was $164,861. 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 Amendment No. 3 to the Schedule 13D was
$145,372. The source of funds used by Edelman Value Partners to purchase such
shares was working capital.
The aggregate amount of funds used by Wimbledon to purchase shares
of Common Stock since the date of Amendment No. 3 to the Schedule 13D was
$201,841. The source of funds used by Wimbledon to purchase such shares was
capital contributions from Select.
Item 4. Purpose of Transaction.
Item 4 is hereby amended as follows:
Page 10 of 17
<PAGE>
On February 3, 2000 Asher B. Edelman sent a letter to the Company's
Board of Directors, a copy of which is attached hereto as Exhibit 2, requesting
that a representative of the Reporting Persons be appointed to the Board.
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 February 2, 2000:
(i) Edelman Value Partners owns 396,203 shares of Common Stock
which constitute approximately 3.94% 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 396,203 shares of Common Stock owned by
Edelman Value Partners. Such shares of Common Stock constitute
approximately 3.94% of the shares of Common Stock outstanding;
(iii) Edelman Value Fund owns 440,016 shares of Common Stock
which constitute approximately 4.37% of the shares of Common Stock
outstanding;
(iv) Wimbledon owns 32,000 shares of Common Stock which
constitute approximately 0.32% 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 32,000 shares of
Common Stock owned by Wimbledon. Such shares of Common Stock constitute
approximately 0.32% 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 32,000 shares
of Common Stock owned by Wimbledon. Such shares of Common Stock constitute
approximately 0.32% 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
Page 11 of 17
<PAGE>
Exchange Act Rules, to be the beneficial owner of the 440,016 shares of
Common Stock owned by Edelman Value Fund and the 32,000 shares of Common
Stock owned by Wimbledon. Such shares of Common Stock constitute
approximately 4.69% 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 396,203 shares of Common Stock owned by Edelman Value
Partners, the 440,016 shares of Common Stock owned by Edelman Value Fund
and the 32,000 shares owned by Wimbledon. Such shares of Common Stock, in
the aggregate, constitute approximately 8.63% 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
------ ---- ------- --------- ---------
Wimbledon 12/9/99 P 500 $7.00
Wimbledon 12/10/99 P 6,800 $6.9375
Wimbledon 12/21/99 P 2,000 $6.4375
Edelman Value Fund 12/22/99 P 2,500 $6.0925
Edelman Value Partners 12/22/99 P 2,500 $6.0925
Wimbledon 12/22/99 P 1,000 $6.4375
Wimbledon 12/22/99 P 5,000 $6.0625
Wimbledon 12/23/99 P 2,200 $6.00
Wimbledon 12/27/99 P 2,000 $6.00
Wimbledon 12/29/99 P 900 $5.6875
Edelman Value Partners 12/30/99 P 6,600 $6.28
Edelman Value Partners 12/31/99 P 7,200 $6.65
Edelman Value Fund 12/31/99 P 10,000 $6.65
Wimbledon 12/31/99 P 4,100 $6.6203
Wimbledon 1/13/00 P 2,000 $6.5625
Wimbledon 1/14/00 P 3,000 $6.00
Edelman Value Fund 1/31/00 P 500 $6.875
Wimbledon 2/2/00 P 2,000 $6.00
Page 12 of 17
<PAGE>
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended and restated to read as follows:
Exhibit 1: Agreement Pursuant to Rule 13d-1(k)
Exhibit 2: Letter dated February 3, 2000 from Asher B. Edelman to
Board of Directors of the Company
Page 13 of 17
<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: February 3, 2000
/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 14 of 17
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 15 of 17
<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 16 of 17
EXHIBIT 2
ASHER B. EDELMAN & ASSOCIATES, LLC
717 FIFTH AVENUE
NEW YORK, N.Y. 10022
February 3rd, 2000
Board of Directors Via Fax: 949-261-6550
California Coastal Communities, Inc. Via Mail
c/o Raymond J. Pacini
6 Executive Circle
Suite 250
Irvine, California 92614
Gentlemen,
During the past years the Edelman Group has made an investment in the
shares of California Coastal Communities, Inc. We have done extensive research
on the value of the company's properties and spent considerable time thinking
about how those values could be realized. In the process, we consulted with both
real estate appraisers and independent counsel specializing in environmental
issues. This work has re-emphasized for us both the values of the company's
properties and the extraordinary difficulties in prompt realization of those
values.
Our team believes that we might best be able to contribute to the future
of California Coastal Communities, Inc. through being represented on the Board
of Directors. We are writing this letter in order to request that a
representative of the Edelman Group be invited to join the Board. We would
appreciate hearing back from the Board, as soon as is convenient, your views on
the matter and what we might be able to do to assist you in reaching a positive
conclusion.
Sincerely,
Asher B. Edelman
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