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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)
------------------------------
ESG RE LIMITED
(Name of Issuer)
COMMON STOCK, $1.00 PAR VALUE PER SHARE 000G312151
(Title of class of securities) (CUSIP number)
NEIL H. KOFFLER
SC FUNDAMENTAL LLC
10 EAST 50TH STREET, 21ST FLOOR
NEW YORK, NY 10022
(212) 888-9100
(Name, address and telephone number of person authorized
to receive notices and communications)
WITH A COPY TO:
DAVID E. ZELTNER, ESQ.
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153-0119
(212) 310-8000
AUGUST 9, 2000
(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 that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-(g), check the
following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. Seess. 240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
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 (the "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.)
(Continued on following pages)
(Page 1 of 27 Pages)
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NY2:\954538\04
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<TABLE>
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<S> <C> <C> <C> <C> <C>
CUSIP No. 000G312151 13D Page 2 of 27 Pages
----------------------------------------------------------- --------------------------------------------------------
---------------------- -------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON SC FUNDAMENTAL VALUE FUND, L.P.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
---------------------- -------------------------------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e): [ ]
---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
---------------------- -------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 219,400
SHARES ------------------- -------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY ------------------- -------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 219,400
REPORTING ------------------- -------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
219,400
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.86%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
---------------------- -------------------------------------------------------------------------------------------------------
<PAGE>
----------------------------------------------------------- --------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CUSIP No. 000G312151 13D Page 3 of 27 Pages
----------------------------------------------------------- --------------------------------------------------------
---------------------- -------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON SC FUNDAMENTAL LLC
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ]
---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: New York
---------------------- -------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES ------------------- -------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 219,400*
OWNED BY ------------------- -------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING ------------------- -------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 219,400*
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
219,400*
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.86%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
---------------------- -------------------------------------------------------------------------------------------------------
*Does not include (i) 116,500 shares beneficially owned by Gary Siegler and (ii)
87,500 shares over which Paul J. Isaac has sole or shared dispositive power. Mr.
Siegler has a nonvoting interest in SC Fundamental LLC and Mr. Isaac is a
consultant to SC Fundamental LLC. SC Fundamental LLC disclaims beneficial
ownership of all such shares.
<PAGE>
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<S> <C> <C> <C> <C> <C>
CUSIP No. 000G312151 13D Page 4 of 27 Pages
----------------------------------------------------------- --------------------------------------------------------
---------------------- -------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON SC FUNDAMENTAL VALUE BVI, LTD.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ]
---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: British Virgin Islands
---------------------- -------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 357,300
SHARES ------------------- -------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY ------------------- -------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 357,300
REPORTING ------------------- -------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
357,300
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.02%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
---------------------- -------------------------------------------------------------------------------------------------------
<PAGE>
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<S> <C> <C> <C> <C> <C>
CUSIP No. 000G312151 13D Page 5 of 27 Pages
----------------------------------------------------------- --------------------------------------------------------
---------------------- -------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON SC-BVI PARTNERS
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ]
---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
---------------------- -------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES ------------------- -------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 357,300
OWNED BY ------------------- -------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING ------------------- -------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 357,300
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
357,300
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.02%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
---------------------- -------------------------------------------------------------------------------------------------------
<PAGE>
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<S> <C> <C> <C> <C> <C>
CUSIP No. 000G312151 13D Page 6 of 27 Pages
----------------------------------------------------------- --------------------------------------------------------
---------------------- -------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON PMC-BVI, INC.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ]
---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
---------------------- -------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES ------------------- -------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 357,300
OWNED BY ------------------- -------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING ------------------- -------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 357,300
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
357,300
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.02%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
---------------------- -------------------------------------------------------------------------------------------------------
<PAGE>
----------------------------------------------------------- --------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CUSIP No. 000G312151 13D Page 7 of 27 Pages
----------------------------------------------------------- --------------------------------------------------------
---------------------- -------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON SC FUNDAMENTAL VALUE BVI, INC.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ]
---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
---------------------- -------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES ------------------- -------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 357,300
OWNED BY ------------------- -------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING ------------------- -------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 357,300
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
357,300
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.02%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
---------------------- -------------------------------------------------------------------------------------------------------
<PAGE>
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<S> <C> <C> <C> <C> <C>
CUSIP No. 000G312151 13D Page 8 of 27 Pages
----------------------------------------------------------- --------------------------------------------------------
---------------------- -------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON PETER M. COLLERY
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO/PF
---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ]
---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
---------------------- -------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 20,000*
SHARES ------------------- -------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 596,700
OWNED BY ------------------- -------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 20,000*
REPORTING ------------------- -------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 596,700
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
616,700**
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.22%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
---------------------- -------------------------------------------------------------------------------------------------------
*All of such shares are held by Mr. Collery as custodian for his children in the
following amounts: (i) Claire Adams Collery: 6,667 shares; (ii) Edward Arnold
Collery: 6,666 shares; and (iii) Elizabeth Adams Collery: 6,667 shares.
** Of such amount, 20,000 shares are held by Mr. Collery as custodian for his
children as stated immediately above.
<PAGE>
----------------------------------------------------------- --------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CUSIP No. 000G312151 13D Page 9 of 27 Pages
----------------------------------------------------------- --------------------------------------------------------
---------------------- -------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON NEIL H. KOFFLER
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO/PF
---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ]
---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
---------------------- -------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES ------------------- -------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 576,700
OWNED BY ------------------- -------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING ------------------- -------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 576,700
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
576,700
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.88%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
---------------------- -------------------------------------------------------------------------------------------------------
<PAGE>
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<S> <C> <C> <C> <C> <C>
CUSIP No. 000G312151 13D Page 10 of 27 Pages
----------------------------------------------------------- --------------------------------------------------------
---------------------- -------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON SC FUNDAMENTAL LLC EMPLOYEE SAVINGS AND PROFIT
S.S. OR I.R.S. IDENTIFICATION NO. SHARING PLAN
OF ABOVE PERSON
---------------------- -------------------------------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e): [ ]
---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
---------------------- -------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 20,000
SHARES ------------------- -------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY ------------------- -------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 20,000
REPORTING ------------------- -------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
20,000
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.17%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: EP
---------------------- -------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
ITEM 1. SECURITY AND ISSUER
This statement of beneficial ownership on Schedule 13D
("Schedule 13D") relates to the common stock, par value $1.00 per share ("Common
Stock"), of ESG Re Limited (the "Company"). The address of the principal
executive office of the Company is 16 Church Street, Hamilton HM11, Bermuda.
ITEM 2. IDENTITY AND BACKGROUND
The persons filing this Schedule 13D are SC Fundamental Value
Fund, L.P. ("Fund"), SC Fundamental LLC ("SCFLLC"), SC Fundamental Value BVI,
LTD, ("BVI Fund"), SC-BVI Partners ("BVI Partners"), PMC-BVI, Inc. ("PMCBVI"),
SC Fundamental Value BVI, Inc. ("BVI Inc."), Peter M. Collery ("Collery"), Neil
H. Koffler ("Koffler"), and SC Fundamental LLC Employee Savings and Profit
Sharing Plan ("SC Plan") as members of a joint filing group (collectively, the
"Reporting Persons").
Fund is a Delaware limited partnership. The principal business
of Fund is investing in securities. The business address of Fund is 10 East 50th
Street, 21st Floor, New York, N.Y. 10022. During the last five years, neither
Fund nor its general partner 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.
SCFLLC is a New York limited liability company and is 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, 21st Floor, New York, N.Y. 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 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 Schedule A 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 result of such proceeding has been or its 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. The name, position, business address
and citizenship of the directors and executive officers of BVI Fund are set
forth on Schedule B hereto.
BVI Partners is a Delaware general partnership. The principal
business of BVI Partners is serving as the investment manager of BVI Fund and
investing in securities. The business address of BVI Partners is 10 East 50th
Street, 21st Floor, New York, N.Y. 10022. During the last five years, neither
BVI Partners nor any of its general partners has been (i) convicted in a
11
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criminal proceeding (excluding traffic violations or similar misdemeanors) or
(ii) a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding has been or is subject
to a judgment, decree or final order enjoining future violation of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws. The name, position and
business address of the general partners of BVI Partners are set forth on
Schedule C hereto.
PMCBVI is a Delaware corporation. The principal business of
PMCBVI is serving as general partner of BVI Partners and investing in
securities. The business address of PMCBVI is 10 East 50th Street, 21st Floor,
New York, N.Y. 10022. During the last five years, neither PMCBVI nor any of its
directors or executive 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 and business address of each of
the directors and executive officers of PMCBVI are set forth on Schedule D
hereto.
BVI Inc. is a Delaware corporation. The principal business of
BVI Inc. is serving as the managing general partner of BVI Partners and
investing in securities. The business address of BVI Inc. is 10 East 50th
Street, 21st Floor, New York, N.Y. 10022. During the last five years, neither
BVI Inc. nor any of its directors or executive 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 and
business address of each of the directors and executive officers of BVI Inc. are
set forth on Schedule E hereto.
Collery is a citizen of the United States having a business
address at c/o SC Fundamental LLC, 10 East 50th Street, 21st Floor, New York,
N.Y. 10022. The principal occupation of Collery is acting as an employee member
of SCFLLC. During the last five years, Collery 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 as 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.
Koffler is a citizen of the United States having a business
address at c/o SC Fundamental LLC, 10 East 50th Street, New York, N.Y. 10022.
The principal occupation of Koffler is acting as an employee member of SCFLLC.
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.
SC Plan is an employee benefit plan. The principal business of
SC Plan is investing in securities. The business address of SC Plan is 10 East
50th Street, 21st Floor, New York, N.Y. 10022. During the last five years,
neither SC Plan nor its trustee has been (i) convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or (ii) a party to a
12
<PAGE>
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding has been or is subject to a judgment, decree
or final order enjoining future violation of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any violation
with respect to such laws. The name, position and business address of the
trustee of SC Plan is set forth on Schedule F attached hereto.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Fund has purchased an aggregate of 219,400 shares of Common
Stock for total consideration (including brokerage commissions) of $1,668,046.61
derived from its working capital and margin indebtedness.
BVI Fund has purchased an aggregate of 357,300 shares of
Common Stock for total consideration (including brokerage commissions) of
$2,165,502.06 derived from its working capital and margin indebtedness.
Collery has purchased an aggregate of 20,000 shares of Common
Stock for total consideration (including brokerage commissions) of $156,250.01
derived from personal funds.
SC Plan has purchased an aggregate of 20,000 shares of Common
Stock for total consideration (including brokerage commissions) of $156,250.00
derived from its working capital.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons have acquired the shares of Common Stock
because, in their opinion, such shares of Common Stock are undervalued by the
market at the present time under the present circumstances.
The Reporting Persons believe that the Company's value is
being decreased by continued operations and that the Company should pursue a
sale of its business or an orderly liquidation and, pending such sale or
liquidation, engage in substantial share repurchases. The Reporting Persons may
communicate with the Company's management, directors and their advisors, other
shareholders and other interested parties concerning such possible actions or
other matters relating to the business and affairs of the Company.
The Reporting Persons may from time to time (i) acquire
additional shares of Common Stock (subject to availability at prices deemed
favorable) in the open market, in privately negotiated transactions or
otherwise, or (ii) dispose of shares of Common Stock at prices deemed favorable
in the open market, in privately negotiated transactions or otherwise.
Except as set forth above, the Reporting Persons have no plans
or proposals that would result in or relate to any of the matters set forth in
subparagraphs (a) though (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As of the close of business on August 18, 2000, the Reporting
Persons beneficially owned (or are deemed, solely for purposes of Rule 13d-3, to
beneficially own), directly or indirectly, an aggregate of 616,700 shares of
Common Stock, representing approximately 5.22% of the Common Stock outstanding
13
<PAGE>
on August 18, 2000 (based on 11,818,508 shares of Common Stock outstanding as of
August 7, 2000 as reported in the Company's Quarterly Report on Form 10-Q for
the fiscal quarter ended June 30, 2000). Each of the Reporting Persons, by
virtue of Rule 13d-3, may be deemed to own beneficially the number of shares and
percentages of Common Stock set forth opposite their names below.
Shares of
Name Common Stock Percentage
---- ------------ ----------
The SC Fundamental Value Fund, L.P. 219,400 1.86%
SC Fundamental LLC 219,400 1.86%
The SC Fundamental Value BVI, Ltd. 357,300 3.02%
SC Fundamental Value BVI, Inc. 357,300 3.02%
SC-BVI Partners 357,300 3.02%
PMC-BVI, Inc. 357,300 3.02%
Peter M. Collery 616,700 (1) 5.22%
Neil H. Koffler 576,700 4.88%
SC Fundamental LLC Employee Savings
and Profit Sharing Plan 20,000 .17%
(1) Includes 20,000 shares of Common Stock held by Collery as custodian for his
children.
Koffler and Collery, by virtue of their status as members 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.
Koffler, by virtue of his status as an executive officer of
BVI Inc., and Collery, by virtue of his status as the sole stockholder and an
executive officer of BVI Inc., the managing general partner of BVI Partners,
which is the investment manager of BVI Fund, may be deemed to share with BVI
Inc., 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.
Collery, by virtue of his status as the sole stockholder,
director and executive officer of PMCBVI, a general partner of BVI Partners,
which is the investment manager of BVI Fund, may be deemed to share with PMCBVI,
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.
Collery has the sole power to vote or direct the vote and to
dispose or to direct the disposition of 20,000 shares of Common Stock of which
he is the custodian for his children.
Collery, by virtue of his status as the trustee for SC Plan,
may be deemed to share with SC Plan the power to vote or direct the vote and to
dispose or direct the disposition of shares of Common Stock of which SC Plan is
the direct beneficial owner.
14
<PAGE>
During the last 60 days, the following transactions in Common
Stock were effected by the Reporting Persons on the NASDAQ Stock Market:
<TABLE>
<CAPTION>
Reporting Person Number of Price Per Share Commission Per Date
---------------- --------- --------------- -------------- ----
Shares Share
------ -----
Purchased
---------
<S> <C> <C> <C> <C> <C>
SC Fundamental Value BVI, 12,400 $2.8750 $0 8/9/00
Ltd.
SC Fundamental Value Fund, 7,600 $2.8750 $0 8/9/00
L.P.
SC Fundamental Value BVI, 1,550 $2.8750 $0.0175 8/9/00
Ltd.
SC Fundamental Value Fund, 950 $2.8750 $0.0175 8/9/00
L.P.
SC Fundamental Value BVI, 60 $2.8750 $0.0175 8/10/00
Ltd.
SC Fundamental Value Fund, 40 $2.8750 $0.0175 8/10/00
L.P.
SC Fundamental Value BVI, 430 $2.9688 $0.0175 8/16/00
Ltd.
SC Fundamental Value Fund, 270 $2.9688 $0.0175 8/16/00
L.P.
</TABLE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1. Joint Filing Agreement, dated August 21, 2000
Exhibit 2. Power of Attorney of Peter M. Collery
[The remainder of this page intentionally left blank.]
15
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
Dated: August 21, 2000
SC FUNDAMENTAL VALUE FUND, L.P.
By: SC Fundamental LLC, as
General Partner
By: /s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler, Member
SC FUNDAMENTAL LLC
By: /s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler, Member
SC FUNDAMENTAL VALUE BVI, LTD.
By: SC Fundamental Value BVI, Inc., as
managing general partner of
investment manager
By: /s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler, Vice President
SC-BVI PARTNERS
By: SC Fundamental Value BVI, Inc., as managing
general partner
By: /s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler, Vice President
PMC-BVI, INC.
By: /s/ Peter M. Collery
-----------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery, President (1)
16
<PAGE>
SC FUNDAMENTAL VALUE BVI, INC.
By: /s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler, Vice President
/s/ Peter M. Collery
-----------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery (1)
/s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler
SC FUNDAMENTAL LLC EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN
By: /s/ Peter M. Collery
-----------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery, Trustee (1)
(1) Executed by Neil H. Koffler as Attorney-in-Fact for Peter M. Collery.
The Power of Attorney for Mr. Collery is attached as Exhibit 2 to this
Schedule 13D.
17
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
1 Joint Filing Agreement, dated August 21, 2000
2 Power of Attorney of Peter M. Collery
18
<PAGE>
SCHEDULE A
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, 21st Floor, New York, N.Y. 10022. All persons are
United States citizens.
Name and Position Present Principal Occupation or Employment
----------------- ------------------------------------------
Peter M. Collery Member of SC Fundamental LLC, President of SC
Member Fundamental BVI, Inc.
Neil H. Koffler Member of SC Fundamental LLC and Vice President of
Member SC Fundamental BVI, Inc.
19
<PAGE>
SCHEDULE B
The name, 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 Citizenship Present Principal Occupation or Employment
------------------------------ ------------------------------------------
<S> <C>
Peter M. Collery Member of SC Fundamental LLC, President of SC Fundamental BVI, Inc.
Director
United States
Bernard Loze Principal of Loze & Associates
Director
France
David M. Mills Partner of Withers Solicitors
Director
England
Anthony Stocks Director of International Fund Services division of the Citco Group
Director
England
</TABLE>
20
<PAGE>
SCHEDULE C
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, 21st Floor, New York, New York 10022. All such persons are
Delaware corporations.
Name and Position
-----------------
SC Fundamental BVI Inc.
Managing General Partner
PMC-BVI, Inc. (1)
Partner
(1) Peter M. Collery is the sole stockholder, officer and director of
PMC-BVI, Inc.
21
<PAGE>
SCHEDULE D
The name and position of the sole director and executive
officer of PMC-BVI, Inc. are set forth below. The business address of the sole
director and executive officer is 10 East 50th Street, 21st Floor, New York,
N.Y. 10022. The sole director and executive officer of PMC-BVI, Inc. is a
citizen of the United States.
Name Position
---- --------
Peter M. Collery Sole stockholder, Director and President
22
<PAGE>
SCHEDULE E
The name and position of the each director and executive
officer of SC Fundamental Value BVI, Inc. are set forth below. The business
address of each director and executive officer is 10 East 50th Street, 21st
Floor, New York, N.Y. 10022. All directors and executive officers are citizens
of the United States.
Name Position
---- --------
Peter M. Collery Director, President and Secretary
Neil H. Koffler Vice President and Treasurer
23
<PAGE>
SCHEDULE F
The name and position of the trustee of SC Plan are set forth
below. The business address of the trustee is 10 East 50th Street, 21st Floor,
New York, N.Y. 10022. The trustee of SC Plan is a citizen of the United States.
Name Position
---- --------
Peter M. Collery Trustee
24
