<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
CHARTWELL RE CORPORATION
(Name of Issuer)
Common Stock par value, $.01 per share
(Title of Class of Securities)
16139W109
(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)
June 12, 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 10 Pages
<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 16139W109 Page 2 of 10 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
171,825
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
171,825
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
171,825
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 16139W109 Page 3 of 10 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*
N/A
- -----------------------------------------------------------------------------
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
149,575
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
149,575
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
149,575
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.6%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 16139W109 Page 4 of 10 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*
N/A
- -----------------------------------------------------------------------------
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
171,825
- ----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
171,825
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
171,825
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 16139W109 Page 5 of 10 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*
N/A
- -----------------------------------------------------------------------------
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
321,400
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
321,400
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
321,400
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ------------------- -----------------
CUSIP No. 16139W109 Page 6 of 10 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*
N/A
- -----------------------------------------------------------------------------
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
321,400
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
321,400
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
321,400
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
<PAGE>
<PAGE> Page 7 of 10 Pages
AMENDMENT NO.1
TO
SCHEDULE 13D
The Reporting Persons, consisting of the SC Fundamental Value Fund,
L.P. ("Fund"), SC Fundamental Value BVI, Inc. ("BVI, Inc."), SC Fundamental,
Inc. ("SC"), Gary N. Siegler ("Siegler") and Peter M. Collery ("Collery")
hereby amend their Schedule 13D relating to the Common Stock of Chartwell Re
Corporation as set forth below.
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on July 9, 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 321,400 shares of the Issuer's Common Stock
which constitutes 3.3% of the outstanding Shares (based upon the number of
Shares that were reported to be outstanding in the Issuer's 10-Q as of March
31, 1998). Siegler and Collery, by virtue of their status as controlling
stockholders of SC and BVI Inc. may be deemed to own beneficially the Shares
which SC, BVI Inc. and Fund are deemed to beneficially own. By virtue of BVI
Inc.'s role as managing general partner of the investment manager of BVI Ltd.,
BVI Inc. may be deemed to beneficially own the Shares which BVI Ltd.
beneficially owns. Siegler and Collery disclaim beneficial ownership of such
Shares and such percentage ownership of the Issuer's Common Stock for any and
all purposes.
<TABLE>
<CAPTION>
==============================================================================
Name Shares of Common Stock Percentage
- -----------------------------------------------------------------------------
<S> <C> <C>
SC Fundamental Inc. 171,825 1.8%
- -----------------------------------------------------------------------------
The SC Fundamental
Value Fund, L.P. 171,825 1.8%
- -----------------------------------------------------------------------------
SC Fundamental Value
BVI, Inc. 149,575 1.6%
- -----------------------------------------------------------------------------
Gary N. Siegler 321,400 3.3%
- -----------------------------------------------------------------------------
Peter M. Collery 321,400 3.3%
==============================================================================
</TABLE>
(b) Each of SC, Fund and BVI Inc. has the sole or shared power to
vote or to direct the vote and to dispose or to direct the disposition of the
shares of the Issuer's Common Stock of which it is deemed the beneficial
owner. Siegler and Collery may be deemed to share with SC, Fund and BVI, Inc.
such powers with respect to the shares of the Issuer's Common Stock of which
SC, Fund and BVI, Inc. beneficially own.
<PAGE>
<PAGE> Page 8 of 10 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.
Unless otherwise noted, each of the transactions set forth below reflects a
sale effected through means of over-the-counter trading.
<TABLE>
<CAPTION> BVI, Inc.
Price Per on behalf
Trade Date Share ($) Fund of BVI Ltd.
------------------------------------------------------
<S> <C> <C> <C>
5/28/98 29.625 5,115 4,885
------------------------------------------------------
5/29/98 29.663 4,130 4,170
------------------------------------------------------
6/04/98 29.125 3,450 3,350
------------------------------------------------------
6/12/98 29.000 670 15,030
------------------------------------------------------
6/16/98 29.000 13,080 12,420
------------------------------------------------------
6/17/98 29.000 3,740 3,560
------------------------------------------------------
6/18/98 29.000 410 390
------------------------------------------------------
6/19/98 29.000 410 390
------------------------------------------------------
6/22/98 29.000 14,870 14,130
------------------------------------------------------
6/25/98 29.432 3,740 3,560
------------------------------------------------------
6/26/98 29.625 3,820 2,680
------------------------------------------------------
6/29/98 29.469 3,950 3,750
------------------------------------------------------
6/29/98 29.625 1,130 1,070
------------------------------------------------------
6/30/98 29.500 9,440 8,960
------------------------------------------------------
7/01/98 29.500 13,300 12,700
------------------------------------------------------
7/02/98 29.106 14,490 13,910
------------------------------------------------------
<FN>
-----------
</TABLE>
(d) To the best of Reporting Persons' knowledge, except as set forth
herein, no other person has the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, any shares of
Common Stock which Reporting Persons may be deemed to own beneficially.
<PAGE>
<PAGE> Page 9 of 10 Pages
(e) On June 12, 1998, the Reporting Persons, in the aggregate,
ceased to be the beneficial owners of five percent or more of the Issuer's
Common Stock. This Amendment No. 1 is therefore, a final filing.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of Issuer
None.<PAGE>
<PAGE> Page 10 of 10 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: July 9, 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 INC.
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*
/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.
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