<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
BAYCORP HOLDINGS LTD
(Name of Issuer)
Common Stock, Par Value, $0.01 Per Share
(Title of Class of Securities)
072728108
(CUSIP Number)
Stephen M. Davis, Esq.
Heller Ehrman White & McAuliffe
711 Fifth Avenue, New York, New York 10022, (212) 832-8300
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 15, 1999
(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 19 Pages
<PAGE>
SCHEDULE 13D
- ---------------------- ------------------
CUSIP No. 072728108 Page 2 of 19 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
379,640
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
379,640
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
379,640
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 3 of 19 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
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
314,363
- ------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
314,363
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
314,363
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 4 of 19 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
379,640
- ----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
379,640
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
379,640
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 5 of 19 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
709,003
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
709,003
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
709,003
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.7%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 6 of 19 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
716,503
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
716,503
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
716,503
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.7%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 7 of 19 Pages
- ---------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Neil H. Koffler
- -----------------------------------------------------------------------------
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
694,003
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
694,003
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
694,003
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.5%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 8 of 19 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*
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
314,363
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
314,363
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
314,363
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 9 of 19 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*
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
British Virgin Islands
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
314,363
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
314,363
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
314,363
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- ------------------
CUSIP No. 072728108 Page 10 of 19 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*
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
New York
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
379,640
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
379,640
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
379,640
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 11 of 19 Pages
- ---------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SC Fundamental Employees' Savings and Profit Sharing Plan
- -----------------------------------------------------------------------------
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
New York
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
15,000
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
15,000
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,000
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.18%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
Page 12 of 19 Pages
AMENDMENT NO. 2
TO THE
SCHEDULE 13D
This statement constitutes Amendment No. 2 to the Schedule 13D relating to the
Common Stock, par value $0.01 per share ("Common Stock"), of Baycorp Holdings
Ltd (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"), Peter M. Collery ("Collery"), SC Fundamental, LLC (SCFLLC"),
SC Fundamental Value BVI, Ltd. ("BVI Fund"), SC-BVI Partners ("SC-BVI"),
Neil H. Koffler ("Koffler"), and SC Fundamental Employees' Savings and Profit
Sharing Plan ("Employee Plan")(collectively, the "Reporting Persons").
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on July 20, 1999, the
Reporting Persons, by virtue of the language of Rule 13d-3(d)(1)(i), may be
deemed to own beneficiary 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 10Q
as of May 7, 1999.
<PAGE>
Page 13 of 19 Pages
=============================================================================
<TABLE>
<CAPTION>
Name Shares of Common Stock Percentage
- -----------------------------------------------------------------------------
<S> <C> <C>
SC Fundamental Inc. 379,640 4.6%
- -----------------------------------------------------------------------------
The SC Fundamental
Value Fund, L.P. 379,640 4.6%
- -----------------------------------------------------------------------------
SC Fundamental Value
BVI, Inc. 314,363 3.8%
- -----------------------------------------------------------------------------
Gary N. Siegler 709,003 8.7%
- -----------------------------------------------------------------------------
Peter M. Collery 716,503(1) 8.7%
- -----------------------------------------------------------------------------
SC BVI Partners 314,363 3.8%
- -----------------------------------------------------------------------------
SC Fundamental
Value BVI, Ltd. 314,363 3.8%
- -----------------------------------------------------------------------------
SC Fundamental, LLC 379,640 4.6%
- -----------------------------------------------------------------------------
Neil H. Koffler 694,003 8.5%
- -----------------------------------------------------------------------------
SC Fundamental
Employees' Savings
and Profit Sharing Plan 15,000 .18%
- -----------------------------------------------------------------------------
(1) Includes 7,500 shares of the Issuer's common stock held by the Student
Sponsor Partnership, Inc. a non profit educational company for which Mr. Collery
is President. Mr Collery disclaims beneficial ownership of such 7,500 shares.
</TABLE>
<PAGE>
Page 14 of 19 Pages
(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. Koffler, by virtue of his
status as an employee member of SCFLLC, the general partner of Fund, may be
deemed to share with Fund and SCFLLC 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, and Koffler by virtue of his
status as an executive officer, of BVI Inc., the managing general partner of
SC-BVI Partners and 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 Common Stock (and as to which BVI Inc.
exercises such power), BVI Fund and SC-BVI Partners have been added as Reporting
Persons.
Siegler and Collery, by virtue of their status as trustees of
the Employee Plan, may be deemed to share with Employee Plan the power to vote
or direct the vote and to dispose or direct the disposition of shares of Common
Stock of which Employee Plan is the direct beneficial owner.
(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 on the American Stock Exchange.
<PAGE>
Page 15 of 19 Pages
<TABLE>
<CAPTION>
BVI, Inc.
Price Per on behalf
Trade Date Share ($) Fund of BVI Ltd.
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
7/01/99 6.0000 86,150* 86,150*
- --------------------------------------------------------------------------------
7/02/99 6.0000 1,100 900
- --------------------------------------------------------------------------------
7/07/99 6.0750 13,650 11,350
- --------------------------------------------------------------------------------
7/07/99 6.3125 1,040 860
- ---------------------------------------------------------------------------
7/09/99 6.1029 4,640 3,860
- ----------------------------------------------------------------------------
7/12/99 6.0225 20,550 16,950
- ---------------------------------------------------------------------------
7/15/99 6.5000 2,740 2,260
- ---------------------------------------------------------------------------
7/15/99 6.6755 7,730 6,370
- --------------------------------------------------------------------------------
7/16/99 6.2500 820 680
- ---------------------------------------------------------------------------
* reflects a re-allocation of shares between affiliates.
</TABLE>
<PAGE>
Page 16 of 19 Pages
Item 7. Materials to be filed as Exhibits.
Exhibit A - Joint Filing Agreement, dated July 20,
1999 among the Reporting Persons.
EXHIBIT INDEX
Exhibit Description
A Joint Filing Agreement dated
July 20, 1999 among the Reporting Persons
<PAGE>
Page 17 of 19 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 20, 1999
SC FUNDAMENTAL LLC
SC FUNDAMENTAL INC. SC Fundamental Inc.
as Manager
/s/ Neil H. Koffler /s/ Neil H. Koffler
By: ---------------------------- By: -----------------------------
Neil H. Koffler as Attorney- Neil H. Koffler as Attorney-in-
in-Fact for Peter M. Collery Fact for Peter M. Collery,
Vice President* Vice President*
THE SC FUNDAMENTAL VALUE FUND, L.P.
By: SC FUNDAMENTAL, LLC SC-BVI Partners
as General Partner By: SC Fundamental Value BVI, Inc.
as Managing General Partner
/s/ Neil H. Koffler /s/ Neil H. Koffler
By: ----------------------------- By: ------------------------------
Neil H. Koffler as Attorney- Neil H. Koffler as Attorney-in-
in-Fact for Peter M. Collery Fact for Peter M. Collery
Vice President* Vice President*
SC FUNDAMENTAL VALUE BVI, INC.
/s/ Neil H. Koffler SC FUNDAMENTAL VALUE BVI, Ltd.
By: ---------------------------- By: SC Fundamental Value BVI, Inc.
Neil H. Koffler as Attorney- as Managing General Partner of
in-Fact for Peter M. Collery Investment Manager
Vice President*
/s/ Neil H. Koffler
- ---------------------------- /s/ Neil H. Koffler
Neil H. Koffler as Attorney- By: ------------------------------
in-Fact for Gary N. Siegler* Neil H. Koffler as Attorney
-in-Fact for Peter M. Collery
Vice President*
/s/ Neil H. Koffler
- ----------------------------- SIEGLER, COLLERY &CO.EMPLOYEES
SAVINGS AND PROFIT SHARING PLAN
/S/ Neil H Koffler By: /s/ Neil H. Koffler
By:-------------------------- ------------------------------
Neil H. Koffler as Attorney Neil H. Koffler as Attorney
in Fact for Peter M. Collery in-Fact for Peter M. Collery,
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 Schedule 13D relating to US Facilities
Corporation on August 4, 1995 and is hereby incorporated herein by reference.
<PAGE>
Page 18 of 19 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 Baycorp
Holdings, Ltd 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 20th day of July, 1999.
SC FUNDAMENTAL INC
By: /s/ Peter M. Collery /s/ Neil H. Koffler
- ---------------------------- --------------------------------
Neil H. Koffler as Attorney- Neil H. Koffler
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 VALUE BVI, INC.
By: /s/ Peter M. Collery
- -----------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President(*)
<PAGE>
Page 19 of 19 Pages
/s/ Gary N. Siegler Siegler Collery and Co.
- ----------------------------- Employees Savings and
Neil H. Koffler as Attorney- Profit Sharing Plan
in Fact for Gary N. Siegler(*) By:/s/ Neil H. Koffler
-----------------------
Neil H. Koffler as Attorney
/s/ Peter M. Collery in-Fact for Peter M. Collery
- ------------------------------ Vice President
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 /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.
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