<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
SPHERE DRAKE HOLDINGS, LTD.
(Name of Issuer)
Common Stock, Par Value, $0.01 Per Share
(Title of Class of Securities)
001669100
(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)
November 18, 1997
(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 11
107952<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 001669100 Page 2 of 11 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
794,620
- ------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
794,620
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
794,620
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 001669100 Page 3 of 11 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
488,780
- ------------------------------------------------------------------------------
8 SHARED VOTING POWER
0
- ------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
488,780
- ------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
488,780
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 001669100 Page 4 of 11 Pages
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==============================================================================
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
794,620
- ------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
794,620
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
794,620
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 001669100 Page 5 of 11 Pages
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==============================================================================
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
1,296,900
- ------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,296,900
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,296,900
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.1%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 001669100 Page 6 of 11 Pages
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==============================================================================
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/PF
- ------------------------------------------------------------------------------
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
42,200
- ------------------------------------------------------------------------------
8 SHARED VOTING POWER
1,296,900
- ------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
42,200
- ------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,296,900
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,339,100
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.3%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 001669100 Page 7 of 11 Pages
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==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Siegler, Collery & Co. Employees' Savings and Profit Sharing Plan
- ------------------------------------------------------------------------------
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
13,500
- ------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,500
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,500
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.07%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
==============================================================================
<PAGE>
<PAGE>
Page 8 of 11 Pages
AMENDMENT NO. 1
TO
SCHEDULE 13D
The Reporting Person consists of SC Fundamental Inc. ("SC"), The SC
Fundamental Value Fund, L.P. ("Fund"), SC Fundamental Value BVI, Inc. ("BVI
Inc."), Siegler, Collery & Co. Employees' Savings and Profit Sharing Plan
("Profit Plan"), Gary N. Siegler ("Siegler") and Peter M. Collery ("Collery"),
hereby amend their Schedule 13D relating to the Common Stock, par value $0.01,
of Sphere Drake Holdings Ltd.
Item 3. Source and Amount of Funds of Other Consideration
The aggregate prices of the Issuer's Common Stock (the "Shares")
purchased by the Reporting Persons identified in Item 5(c) of this Schedule
13D were as follows:
Name of Aggregate
Reporting Person Purchase Price
Fund $ 1,325,622
BVI Inc. on behalf of BVI Ltd. $ 830,962
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.
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on November 20, 1997, 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).
<PAGE>
<PAGE>
Page 9 of 11 Pages
<TABLE>
<CAPTION>
==============================================================================
Name Shares of Common Stock Percentage
- ------------------------------------------------------------------------------
<S> <C> <C>
SC Fundamental Inc. 794,620 4.3%
- ------------------------------------------------------------------------------
The SC Fundamental
Value Fund, L.P. 794,620 4.3%
- ------------------------------------------------------------------------------
SC Fundamental Value
BVI, Inc. 488,780 2.7%
- ------------------------------------------------------------------------------
Siegler, Collery & Co.
Employees' Savings and
Profit Sharing Plan 13,500 .07%
- ------------------------------------------------------------------------------
Gary N. Siegler 1,296,900 7.1%
- ------------------------------------------------------------------------------
Peter M. Collery 1,339,100 7.3%
==============================================================================
<FN>
- ---------
</TABLE>
<PAGE>
<PAGE>
Page 10 of 11 Pages
(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. Each
of the transactions set forth below reflects a sale effected by means of over-
the-counter trading.
<TABLE>
<CAPTION>
==============================================================================
BVI, Inc.
Price Per on behalf
Trade Date Share ($) Fund of BVI Ltd. Siegler Collery
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
11/03/97 8.125 19,000* 19,000* 0 0
- ------------------------------------------------------------------------------
11/14/97 8.188 59,910 30,590 0 0
- ------------------------------------------------------------------------------
11/17/97 8.188 18,800 9,600 0 0
- ------------------------------------------------------------------------------
11/18/97 8.188 46,340 23,660 0 0
- ------------------------------------------------------------------------------
11/19/97 8.188 3,510 1,790 0 0
- ------------------------------------------------------------------------------
11/20/97 8.188 32,170 16,430 0 0
- ------------------------------------------------------------------------------
<FN>
- ----------
</TABLE>
* Reflects a re-allocation of shares between affiliates.
<PAGE>
<PAGE> Page 11 of 11 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: November 21, 1997
SC FUNDAMENTAL INC.
By: /s/ Neil H. Koffler
- -----------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President*
THE SC FUNDAMENTAL VALUE FUND, L.P.
By: SC FUNDAMENTAL INC.
By: /s/ Neil H. Koffler
- -----------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President*
SC FUNDAMENTAL VALUE BVI, INC.
By: /s/ Neil H. Koffler
- ------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President*
/s/ Neil H. Koffler
- ------------------------------
Neil H. Koffler as Attorney-
in-Fact for Gary N. Siegler*
/s/ Neil H. Koffler
- ------------------------------
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 appointing Neil H. Koffler as
Attorney-in-Fact were filed by the Reporting Persons as Exhibit A to Amendment
No. 5 of Schedule 13D relating to US Facilities Corporation on August 4, 1995
and is hereby incorporated herein by reference.
107952
