<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
APS HOLDING CORPORATION
(Name of Issuer)
Common Stock, Par Value, $0.01 Per Share
(Title of Class of Securities)
001937101
(CUSIP Number)
Stephen M. Davis, Esq.
Werbel & Carnelutti
A Professional Corporation
711 Fifth Avenue, New York, New York 10022, (212) 832-8300
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
February 4, 1998
(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 13-d-1(b)(3) or (4), check the following
box [ ].
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purposes of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 22
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 001937101 Page 2 of 22 Pages
- ------------------- ------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
The SC Fundamental Value Fund, 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/OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
273,775
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
273,775
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
273,775
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 001937101 Page 3 of 22 Pages
- ------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
SC Fundamental Value BVI, Inc.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC/OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
261,025
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
261,025
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
261,025
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.9%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 001937101 Page 4 of 22 Pages
- ------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
SC-BVI Partners
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
261,025
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
261,025
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
261,025
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.9%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 001937101 Page 5 of 22 Pages
- ------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
SC Fundamental Value BVI, Ltd.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- ------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
261,025
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
261,025
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
261,025
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.9%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 001937101 Page 6 of 22 Pages
- ------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
SC Fundamental Inc.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC/OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
273,775
- ----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
273,775
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
273,775
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 001937101 Page 7 of 22 Pages
- ------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
SC Fundamental, LLC
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
273,775
- ----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
273,775
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
273,775
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 001937101 Page 8 of 22 Pages
- ------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Gary N. Siegler
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC/OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
534,800
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
534,800
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
534,800
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.9%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 001937101 Page 9 of 22 Pages
- ------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Peter M. Collery
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC/OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
534,800
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
534,800
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
534,800
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.9%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
<PAGE>
<PAGE> Page 10 of 22 Pages
AMENDMENT NO. 1
TO THE
SCHEDULE 13D
This statement constitutes Amendment No. 1 to the Schedule 13D
relating to the Common Stock, par value $0.01 per share ("Common Stock"), of
APS Holding Corporation (the "Issuer") filed by SC Fundamental Inc. ("SC"),
The SC Fundamental Value Fund, L.P. ("Fund"), SC Fundamental Value BVI, Inc.
("BVI Inc."), Gary N. Siegler ("Siegler") and Peter M. Collery ("Collery"),
and adds SC Fundamental, LLC ("SCFLLC"), SC Fundamental Value BVI, Ltd. ("BVI
Fund") and SC-BVI Partners as members of a joint filing group with the
foregoing persons (collectively, the "Reporting Persons").
Item 2. Identity and Background.
SCFLLC is a New York limited liability company and, effective as of
January 1, 1998, became the general partner of Fund. The principal business
of SCFLLC is serving in such capacity and investing in securities. The
business address of SCFLLC is 10 East 50th Street, New York, New York 10022.
During the last five years, neither SCFLLC nor any of its members has been (i)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding has been or is subject to a judgment, decree or final order
enjoining future violation of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to
such laws. The name, position and business address of each member of SCFLLC
is set forth on Exhibit B attached hereto.
BVI Fund is a British Virgin Islands Company. The principal
business of BVI Fund is investing in securities. The business address of BVI
Fund is c/o Citco Fund Services (Cayman Islands) Ltd., Corporate Center, West
Bay Road, Grand Cayman, Cayman Islands. During the last five years, neither
BVI Fund nor any of its directors or officers has been (i) convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
(ii) a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding has been or is
subject to a judgment, decree or final order enjoining future violation of, or
prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws. The name, position,
business address and citizenship of the directors and executive officers of
BVI Fund are set forth on Exhibit B hereto.
<PAGE>
<PAGE> Page 11 of 22 Pages
SC-BVI Partners is a Delaware general partnership. The principal
business of SC-BVI Partners is serving as the investment manager of BVI Fund
and investing in securities. The business address of SC-BVI Partners is 10
East 50th Street, New York, New York 10022. During the last five years,
neither SC-BVI Partners nor any of its general partners has been (i) convicted
in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding has been or is subject to a judgment, decree or final order
enjoining future violation of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to
such laws. The name, position and business address of the general partners of
SC-BVI Partners are set forth on Exhibit B hereto.
Item 3. Source and Amount of Funds of Other Consideration
As of January 1, 1998, SCFLLC became the substitute general partner
of Fund in place of SC and, as a consequence, became a beneficial owner of the
shares of Common Stock beneficially owned by SC without the payment of any
consideration. SC, as a corporate member and manager of SCFLLC, continues as
a beneficial owner of such shares. As described in Item 5 hereof, both SCFLLC
and SC are affiliates of Siegler and Collery.
The aggregate purchase prices of the shares of the Issuer's Common
Stock ("Shares") purchased by the Reporting Persons since the filing of the
Schedule 13D as reported in Item 5(c) of this Amendment No. 1 to Schedule 13D
were as follows:
Name of Reporting Person Aggregate Purchase Price
------------------------- ------------------------
Fund $ 536.20
BVI Inc. on behalf of BVI Ltd. $ 227,304.55
The Reporting Persons listed above purchased the Shares reported
herein as beneficially owned by them with working capital of Fund and BVI Ltd.
or with funds extended by brokerage firms in connection with margin
transactions effected for Fund and BVI Ltd.
<PAGE>
<PAGE> Page 12 of 22 Pages
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on February 4, 1998, the Reporting
Persons, by virtue of the language of Rule 13d-3(d)(1)(i), may be deemed to
own beneficially in the aggregate the number and percentage of the Issuer's
Common Stock set forth opposite their names below (based upon the number of
Shares that were reported to be outstanding in the Issuer's Form 10-Q as of
September 30, 1997).
<TABLE>
<CAPTION>
=================================================================
Name Shares of Common Stock Percentage
- -----------------------------------------------------------------
<S> <C> <C>
SC Fundamental Inc. 273,755 2.0%
- -----------------------------------------------------------------
The SC Fundamental Value Fund, L.P. 273,755 2.0%
- -----------------------------------------------------------------
SC Fundamental Value BVI, Inc. 261,025 1.9%
- -----------------------------------------------------------------
Gary N. Siegler 534,800 3.9%
- -----------------------------------------------------------------
Peter M. Collery 534,800 3.9%
- -----------------------------------------------------------------
SC Fundamental, LLC 273,775 2.0%
- -----------------------------------------------------------------
SC-BVI Partners 261,025 1.9%
- -----------------------------------------------------------------
SC Fundamental Value BVI, Ltd. 261,025 1.9%
=================================================================
</TABLE>
(b) Siegler and Collery, by virtue of their status as principal
members of SCFLLC, the general partner of Fund, and as the controlling
stockholders, directors and executive officers of SC, the corporate member and
manager of SCFLLC, may be deemed to share with Fund, SCFLLC and SC the power
to vote or direct the vote and to dispose or to direct the disposition of
shares of Common Stock of which Fund is the direct beneficial owner.
Siegler and Collery, by virtue of their status as controlling
stockholders, directors and executive officers of BVI Inc., the managing
general partner of SC-BVI Partners, which is the investment manager of BVI
Fund, may be deemed to share with BVI Inc., SC-BVI Partners and BVI Fund the
power to vote or direct the vote and to dispose or direct the disposition of
shares of Common Stock of which BVI Fund is the direct beneficial owner.
Because BVI Fund and SC-BVI Partners could be deemed to share with BVI Inc.
the power to vote or direct the vote and the power to dispose or direct the
disposition of such shares of
<PAGE>
<PAGE> Page 13 of 22 Pages
Common Stock (and as to which BVI Inc. exercises such power), BVI Fund and SC-
BVI Partners have been added as Reporting Persons.
(c) The following table sets forth the transactions effected by
each of the Reporting Persons listed in Item 5(a) during the past sixty days.
Unless otherwise indicated, each of the transactions set forth below reflects
a sale effected on the OTC Bulletin Board.
<TABLE>
<CAPTION>
=================================================================
BVI, Inc.
Price Per on behalf
Trade Date Share ($) Fund of BVI Ltd. Siegler Collery
- -----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
12/01/97 3.813 32,600* 32,600* 0 0
- -----------------------------------------------------------------
01/02/98 2.500 41,000* 41,000* 0 0
- -----------------------------------------------------------------
01/29/98 1.000 3,060 2,940 0 0
- -----------------------------------------------------------------
01/30/98 0.983 560** 540** 0 0
- -----------------------------------------------------------------
01/30/98 0.954 24,430 23,470 0 0
- -----------------------------------------------------------------
02/02/98 0.813 11,045 10,555 0 0
- -----------------------------------------------------------------
02/04/98 0.723 7,160 6,840 0 0
- -----------------------------------------------------------------
02/05/98 0.744 12,380 11,820 0 0
- -----------------------------------------------------------------
02/06/98 0.734 16,120 15,480 0 0
- -----------------------------------------------------------------
02/09/98 0.719 10,810 10,390 0 0
- -----------------------------------------------------------------
02/10/98 0.688 20,400 19,600 0 0
- -----------------------------------------------------------------
02/11/98 0.719 11,480 11,020 0 0
================================================================
<FN>
- ------------
</TABLE>
* Reflects a re-allocation of shares between affiliates.
** Reflects a purchase.
(e) On February 4, 1998, the Reporting Persons, in the aggregate,
ceased to be the beneficial owners of five percent or more of the Issuers's
Common Stock, This Amendment No. 1 is therefore, a final filing.
<PAGE>
<PAGE> Page 14 of 22 Pages
Item 7. Materials to be Filed as Exhibits.
Exhibit A - Joint Filing Agreement dated February 12, 1998 among the
Reporting Persons.
Exhibit B - List of officers and directors for SC Fundamental, LLC, SC
Fundamental BVI, Ltd. and SC-BVI Partners.
<PAGE>
<PAGE> Page 15 of 22 Pages
EXHIBIT INDEX
Exhibit Description
A Joint Filing Agreement dated
February 12, 1998 among the
Reporting Persons
B List of officers and directors of SC
Fundamental LLC, SC Fundamental BVI, Ltd.
and SC-BVI Partners<PAGE>
<PAGE>
Page 16 of 22 Pages
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Dated: February 12, 1998
SC FUNDAMENTAL INC.
By:
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
THE SC FUNDAMENTAL VALUE FUND, L.P.
By: SC FUNDAMENTAL, LLC, as General Partner
By:
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
SC FUNDAMENTAL, LLC
By: SC FUNDAMENTAL INC., as Manager
By:
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
SC FUNDAMENTAL VALUE BVI, INC.
By:
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
SC-BVI PARTNERS
By: SC FUNDAMENTAL VALUE BVI, INC.,
as Managing General Partner
By:
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)<PAGE>
<PAGE>
Page 17 of 22 Pages
SC FUNDAMENTAL VALUE BVI, LTD.
BY: SC FUNDAMENTAL VALUE BVI, INC.,
as Managing General Partner
of Investment Manager
By:
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
- -------------------------------
Neil H. Koffler as Attorney-
in-Fact for Gary N. Siegler(*)
- -------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery(*)
(*) Executed by Neil H. Koffler as Attorney-In-Fact for Peter M. Collery and
Gary N. Siegler. The Powers of Attorney for Messrs. Collery and Siegler were
filed as Exhibit A to Amendment No. 5 to Schedule 13D relating to US
Facilities Corporation on August 4, 1995 and is hereby incorporated herein by
reference.
112710<PAGE>
<PAGE> Page 16 of 22 Pages
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Dated: February 12, 1998
SC FUNDAMENTAL INC.
By: /s/ Peter M. Collery
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
THE SC FUNDAMENTAL VALUE FUND, L.P.
By: SC FUNDAMENTAL, LLC, as General Partner
By: /s/ Peter M. Collery
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
SC FUNDAMENTAL, LLC
By: SC FUNDAMENTAL INC., as Manager
By: /s/ Peter M. Collery
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
SC FUNDAMENTAL VALUE BVI, INC.
By: /s/ Peter M. Collery
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
<PAGE>
<PAGE> Page 17 of 22 Pages
SC-BVI PARTNERS
By: SC FUNDAMENTAL VALUE BVI, INC.,
as Managing General Partner
By: /s/ Peter M. Collery
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
SC FUNDAMENTAL VALUE BVI, LTD.
BY: SC FUNDAMENTAL VALUE BVI, INC.,
as Managing General Partner
of Investment Manager
By: /s/ Peter M. Collery
----------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
/s/ Gary N. Siegler
- -------------------------------
Neil H. Koffler as Attorney
in-Fact for Gary N. Siegler(*)
/s/ Peter M. Collery
- -------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery(*)
(*) Executed by Neil H. Koffler as Attorney-In-Fact for Peter M. Collery and
Gary N. Siegler. The Powers of Attorney for Messrs. Collery and Siegler were
filed as Exhibit A to Amendment No. 5 to Schedule 13D relating to US
Facilities Corporation on August 4, 1995 and is hereby incorporated herein by
reference.
<PAGE>
<PAGE> Page 18 of 22 Pages
Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act
of 1934, as amended, the persons named below agree to the joint filing on
behalf of each of them of a statement on Schedule 13D (including amendments
thereto) with respect to the Common Stock, par value $0.01 per share, of APS
Holding Corporation and further agree that this Joint Filing Agreement be
included as an Exhibit to such joint filing. In evidence thereof, the
undersigned, hereby execute this Agreement this 12th day of February, 1998.
Dated: February 12, 1998
SC FUNDAMENTAL INC.
By: /s/ Peter M. Collery
- ----------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(3)
THE SC FUNDAMENTAL VALUE FUND,
L.P.
By: SC FUNDAMENTAL, LLC, as
General Partner
By: /s/ Peter M. Collery
- ------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(3)
SC FUNDAMENTAL VALUE BVI, INC.
By: /s/ Peter M. Collery
- -----------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(3)
<PAGE>
<PAGE> Page 19 of 22 Pages
/s/ Gary N. Siegler
- -----------------------------
Neil H. Koffler as Attorney-in-
Fact for Gary N. Siegler(*)
/s/ Peter M. Collery
- -------------------------------
Neil H. Koffler as Attorney-in-
Fact for Peter M. Collery(*)
SC FUNDAMENTAL, LLC
By: SC Fundamental Inc., as
Manager
By: /s/ Peter M. Collery
- -------------------------
Neil H. Koffler as Attorney
in-Fact for Peter M. Collery
Vice President(*)
SC FUNDAMENTAL VALUE BVI, LTD. SC-BVI PARTNERS
By: SC Fundamental Value BVI, By: SC Fundamental Value BVI,
Inc., as managing general Inc., as managing general
partner of investment partner
manager
By: /s/ Peter M. Collery By: /s/ Peter M. Collery
- ------------------------------ -----------------------------
Neil H. Koffler as Attorney-in- Neil H. Koffler as Attorney-
Fact for Peter M. Collery, in-Fact for Peter M. Collery,
Vice President(*) Vice President(*)
(*) Executed by Neil H. Koffler as Attorney-in-Fact for Peter M. Collery and
Gary N. Siegler. The Powers of Attorney for Messrs. Collery and Siegler were
filed as Exhibit A to Amendment No. 5 to the Schedule 13D relating to the US
Facilities Corporation on August 4, 1995 and are hereby incorporated herein by
reference.<PAGE>
<PAGE> Page 18 of 22 Pages
Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act
of 1934, as amended, the persons named below agree to the joint filing on
behalf of each of them of a statement on Schedule 13D (including amendments
thereto) with respect to the Common Stock, par value $0.01 per share, of APS
Holding Corporation and further agree that this Joint Filing Agreement be
included as an Exhibit to such joint filing. In evidence thereof, the
undersigned, hereby execute this Agreement this 12th day of February, 1998.
Dated: February 12, 1998
SC FUNDAMENTAL INC
By:
- ----------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
THE SC FUNDAMENTAL VALUE FUND,
L.P.
By: SC FUNDAMENTAL, LLC, as
General Partner
By:
- -----------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
SC FUNDAMENTAL VALUE BVI, INC.
By:
- -----------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
<PAGE>
<PAGE> Page 19 of 22 Pages
- -------------------------------
Neil H. Koffler as Attorney-in-
Fact for Gary N. Siegler(*)
- -------------------------------
Neil H. Koffler as Attorney-in-
Fact for Peter M. Collery(*)
SC FUNDAMENTAL, LLC
By: SC Fundamental Inc., as
Manager
By:
- ------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
SC FUNDAMENTAL VALUE BVI, LTD. SC-BVI PARTNERS
By: SC Fundamental Value BVI, By: SC Fundamental Value BVI,
Inc., as managing general Inc., as managing general
partner of investment partner
manager
By:
- ------------------------------ -----------------------------
Neil H. Koffler as Attorney-in- Neil H. Koffler as Attorney-
Fact for Peter M. Collery, in-Fact for Peter M. Collery,
Vice President(*) Vice President(*)
(*) Executed by Neil H. Koffler as Attorney-in-Fact for Peter M. Collery and
Gary N. Siegler. The Powers of Attorney for Messrs. Collery and Siegler were
filed as Exhibit A to Amendment No. 5 to the Schedule 13D relating to the US
Facilities Corporation on August 4, 1995 and are hereby incorporated herein by
reference.
<PAGE>
<PAGE> Page 20 of 22 Pages
EXHIBIT B
MEMBERS OF SC FUNDAMENTAL, LLC
The name and present principal occupation or employment of the
Members of SC Fundamental, LLC are set forth below. The business address of
each Member is 10 East 50th Street, New York, New York 10022. All such
persons are United States citizens.
<TABLE>
<CAPTION>
=================================================================
Present Principal
Name and Position Occupation or Employment
- -----------------------------------------------------------------
<S> <C>
SC Fundamental Inc. Manager of SC Fundamental, LLC
Corporate Member
- -----------------------------------------------------------------
Gary N. Siegler Principal Member of SC Fundamental,
Principal Member LLC, President of SC Fundamental
Inc., 712 Advisory Services, Inc.
and SC Fundamental BVI, Inc.
- -----------------------------------------------------------------
Peter M. Collery Principal Member of SC Fundamental,
Principal Member LLC, Vice President of SC
Fundamental Inc. and SC Fundamental
BVI, Inc.
- -----------------------------------------------------------------
Neil H. Koffler Employee Member of SC Fundamental,
Employee Member LLC and Vice President, Treasurer
and Secretary of 712 Advisory
Services Inc.
- ----------------------------------------------------------------
Curtis G. Macnguyen Employee Member of SC Fundamental,
Employee Member LLC
=================================================================
/TABLE
<PAGE>
<PAGE> Page 21 of 22 Pages
EXHIBIT B
DIRECTOR AND EXECUTIVE OFFICERS OF
SC FUNDAMENTAL VALUE BVI, LTD.
The name, address, citizenship and present principal occupation or
employment of the directors and executive officers of SC Fundamental Value
BVI, Ltd. are set forth below. The business address of such directors and
executive officers is c/o Citco Fund Services (Cayman Islands) Ltd., Corporate
Center, West Bay Road, Grand Cayman, Cayman Islands.
<TABLE>
<CAPTION>
=================================================================
Name, Position and Present Principal
Citizenship Occupation or Employment
- -----------------------------------------------------------------
<S> <C>
Gary N. Siegler Principal Member of SC Fundamental,
Director LLC, President of SC Fundamental
United States Inc., 712 Advisory Services, Inc.
and SC Fundamental BVI, Inc.
- -----------------------------------------------------------------
Bernard Loze Principal of Loze & Associates
Director
France
- -----------------------------------------------------------------
David M. Mills Partner of Withers Solicitors
Director
England
- -----------------------------------------------------------------
Anthony Stocks Director of International Fund
Director Services division of the Citco
England Group
=================================================================
/TABLE
<PAGE>
<PAGE> Page 22 of 22 Pages
EXHIBIT B
PARTNERS OF SC-BVI PARTNERS
The name and position of the general partners of SC-BVI Partners are
set forth below. The business address of each general partner is 10 East 50th
Street, New York, New York 10022. All such persons are Delaware corporations.
Name and Position
- -------------------
SC Fundamental BVI Inc.
Managing General Partner
GNS-BVI, Inc.(1)
Partner
PMC-BVI, Inc.(2)
Partner
- ----------------------------------
(1) Gary N. Siegler is the sole stockholder, officer and
director of GNS-BVI, Inc.
(2) Peter M. Collery is the sole stockholder, officer and
director of PMC-BVI, Inc.
112710
