<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
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)
June 28, 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 21 Pages
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 2 of 21 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
518,060
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
518,060
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
518,060
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 3 of 21 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
271,443
- ------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
271,443
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
271,443
- -----------------------------------------------------------------------------
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*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 4 of 21 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
518,060
- ----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
518,060
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
518,060
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 5 of 21 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
804,503
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
804,503
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
804,503
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 6 of 21 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
812,003
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
812,003
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
812,003
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 7 of 21 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
789,503
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
789,503
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
789,503
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 8 of 21 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
271,443
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
271,443
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
271,443
- -----------------------------------------------------------------------------
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*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 9 of 21 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
271,443
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
271,443
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
271,443
- -----------------------------------------------------------------------------
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*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 072728108 Page 10 of 21 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
518,060
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
518,060
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
518,060
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<PAGE>
Page 11 of 21 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 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 and
Neil H. Koffler ("Koffler") (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.
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
Page 12 of 21 Pages
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.
Koffler is a citizen of the United States having a business
address at c/o SC Fundamental, LLC, 10 East 50th Street, New York, New York
10022. The principal occupation of Koffler is acting as an employee member of
SCFLLC. Koffler also serves as a director of the Issuer. During the last five
years, Koffler has not 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 violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any violation
with respect to such laws.
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on July 2, 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 21 Pages
=============================================================================
<TABLE>
<CAPTION>
Name Shares of Common Stock Percentage
- -----------------------------------------------------------------------------
<S> <C> <C>
SC Fundamental Inc. 518,060 6.3%
- -----------------------------------------------------------------------------
The SC Fundamental
Value Fund, L.P. 518,060 6.3%
- -----------------------------------------------------------------------------
SC Fundamental Value
BVI, Inc. 271,443 3.3%
- -----------------------------------------------------------------------------
Gary N. Siegler 804,503 9.8%
- -----------------------------------------------------------------------------
Peter M. Collery 812,003(1) 9.9%
- -----------------------------------------------------------------------------
SC BVI Partners 271,443 3.3%
- -----------------------------------------------------------------------------
SC Fundamental
Value BVI, Ltd. 271,443 3.3%
- -----------------------------------------------------------------------------
SC Fundamental, LLC 518,060 6.3%
- -----------------------------------------------------------------------------
Neil H. Koffler 789,503 9.6%
- -----------------------------------------------------------------------------
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 21 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.
<TABLE>
<CAPTION>
BVI, Inc.
Price Per on behalf
Trade Date Share ($) Fund of BVI Ltd.
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
6/28/99 6.6545 18,880 9,720
- -----------------------------------------------------------------------------
6/29/99 6.5094 6,600 3,400
- -----------------------------------------------------------------------------
7/01/99 6.2500 1,090 910
- ----------------------------------------------------------------------------
</TABLE>
Page 15 of 21 Pages
Item 7. Materials to be filed as Exhibits.
Exhibit A - Joint filing agreement, dates July 2, 1999
among the Reporting Persons.
Exhibit B - List of officers, directors, members or partners
for SC Fundamental,LLC, SC Fundamental BVI, Ltd.,
and SC-BVI Partners.
EXHIBIT INDEX
Exhibit Description
A Joint Filing Agreement dated
July 2, 1999 among the Reporting Persons
B List of officers, directors, members or
partners of SC Fundamental LLC, SC
Fundamental BVI, Ltd.,and SC-BVI Partners.
<PAGE>
Page 16 of 21 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 2, 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 17 of 21 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 2nd day of July 2, 1999.
Dated: July 2, 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 18 of 21 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.
260395
<PAGE>
Page 19 of 21Pages
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., 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
=================================================================
</TABLE>
<PAGE>
Page 20 of 21 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., 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 21 of 21 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.
