SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)
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)
December 2, 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
207,540
- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
207,540
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
207,540
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
<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
222,313
- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
222,313
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
222,313
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*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
207,540
- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
207,540
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
207,540
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
- -------------------------------------------------------------------------------
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
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
446,003
- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
446,003
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
446,003
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
- -------------------------------------------------------------------------------
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
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
429,853
- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
429,853
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
429,853
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
- -------------------------------------------------------------------------------
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
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
Delaware
- -------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -------------------------------------------------------------------------------
8 SHARED VOTING POWER
222,313
- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
222,313
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
222,313
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*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 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
222,313
- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
222,313
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
222,313
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*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, 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
207,540
- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
207,540
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
207,540
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
<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 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
<PAGE>
Page 11 of 19 Pages
AMENDMENT NO. 3
TO THE
SCHEDULE 13D
This statement constitutes Amendment No. 3 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."), 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 January 10, 2000, 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
September 30,1999.
<PAGE>
Page 12 of 19 Pages
===============================================================================
<TABLE>
<CAPTION>
Name Shares of Common Stock Percentage
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SC Fundamental Inc. 207,540 2.5%
- ----------------------------------------------------------------------------------------------------------------------------------
The SC Fundamental
Value Fund, L.P. 207,540 2.5%
- ----------------------------------------------------------------------------------------------------------------------------------
SC Fundamental Value
BVI, Inc. 222,313 2.7%
- ----------------------------------------------------------------------------------------------------------------------------------
Peter M. Collery 446,003(1) 5.5%
- -----------------------------------------------------------------------------------------------------------------------------------
SC BVI Partners 222,313 2.7%
- -----------------------------------------------------------------------------------------------------------------------------------
SC Fundamental
Value BVI, Ltd. 222,313 2.7%
- -----------------------------------------------------------------------------------------------------------------------------------
SC Fundamental, LLC 207,540 2.5%
- -----------------------------------------------------------------------------------------------------------------------------------
Neil H. Koffler 429,853 5.3%
- -----------------------------------------------------------------------------------------------------------------------------------
SC Fundamental
Employees' Savings
and Profit Sharing Plan 15,000 .18%
- -----------------------------------------------------------------------------------------------------------------------------------
(1) Includes 1,150 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 1,150
shares.
</TABLE>
<PAGE>
Page 13 of 19 Pages
(b) Collery, by virtue of his status as a member of SCFLLC, the general
partner of Fund, and as the controlling stockholder, director and executive
officer 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 a 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.
Collery, by virtue of his status as the controlling
stockholder, director and executive officer, and Koffler by virtue of his status
as an executive officer, of BVI Inc., the managing general partner of SC-BVI
Partners which is the investment manager of 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. BVI Fund and SC-BVI Partners are 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 as to which BVI
Inc. exercises such power.
Collery, by virtue of his status as trustee 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 14 of 19 Pages
<TABLE>
<CAPTION>
BVI, Inc.
Price Per on behalf
Trade Date Share ($) Fund of BVI Ltd. Collery(1)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
11/23//99 8.0000 50* 50* 0
- -----------------------------------------------------------------------------------------------------------------------------------
11/23/99 8.0938 220 180 0
- -----------------------------------------------------------------------------------------------------------------------------------
11/24/99 8.0000 4,110 3,390 0
- -----------------------------------------------------------------------------------------------------------------------------------
11/29/99 8.3523 11,010 9,090 0
- -----------------------------------------------------------------------------------------------------------------------------------
11/30/99 8.8750 110 90 0
- -----------------------------------------------------------------------------------------------------------------------------------
12/01/99 8.3750 3,620 2,980 400
- -----------------------------------------------------------------------------------------------------------------------------------
12/02/99 8.6629 7,290 6,010 700
- -----------------------------------------------------------------------------------------------------------------------------------
12/03/99 9.6726 16,400 13,525 1,575
- -----------------------------------------------------------------------------------------------------------------------------------
12/06/99 9.9167 3,900 3,200 400
- -----------------------------------------------------------------------------------------------------------------------------------
12/07/99 9.7699 5,730 4,720 550
- -----------------------------------------------------------------------------------------------------------------------------------
12/08/99 9.6875 2,600 2,150 250
- -----------------------------------------------------------------------------------------------------------------------------------
12/14/99 9.6957 1,200 985 115
- -----------------------------------------------------------------------------------------------------------------------------------
12/20/99 9.5000 550 450 0
- -----------------------------------------------------------------------------------------------------------------------------------
12/29/99 10.0000 3,840 3,160 0
- -----------------------------------------------------------------------------------------------------------------------------------
12/30/99 9.9035 2,970 2,445 285
- -----------------------------------------------------------------------------------------------------------------------------------
12/30/99 10.0000 2,740 2,260 0
- -----------------------------------------------------------------------------------------------------------------------------------
12/31/999 9.9819 16,990 14,010 0
<PAGE>
Page 15 of 19 Pages
BVI, Inc.
Price Per on behalf
Trade Date Share ($) Fund of BVI Ltd. Collery(1)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
01/03/00 9.6875 31,450** 31,450* 0
- -----------------------------------------------------------------------------------------------------------------------------------
01/03/00 10.5000 6,440 6,860 700
- -----------------------------------------------------------------------------------------------------------------------------------
01/04/00 11.7645 10,050 10,470 1,080
- -----------------------------------------------------------------------------------------------------------------------------------
01/05/00 12.9468 11,520 11,980 0
- -----------------------------------------------------------------------------------------------------------------------------------
01/06/00 13.5000 4,330 4,625 45
- -----------------------------------------------------------------------------------------------------------------------------------
01/07/00 12.8397 1,110* 1,190* 0
- -----------------------------------------------------------------------------------------------------------------------------------
1/11/00 13.0000 2,300 2,450 250
- -----------------------------------------------------------------------------------------------------------------------------------
* reflects a purchase of shares.
** reflects a re-allocation of shares between affiliates.
(1) All of the transactions effected in this column represent sales by Student Sponsor Partnership, Inc. ("SSP"), a non profit
educational company for which Mr. Collery is President. Mr. Collery disclaims beneficial ownership of the shares held by SSP.
</TABLE>
<PAGE>
Page 16 of 19 Pages
Item 7. Materials to be filed as Exhibits.
Exhibit A Joint Filing Agreement, dated January 11, 2000 among the
Reporting Persons.
EXHIBIT INDEX
Exhibit Description
A Joint Filing Agreement dated January 11, 2000 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: January 11, 2000
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
By: ------------------------------
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. The
Powers of Attorney for Mr. Collery 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 11th day of January 2000.
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
Siegler Collery and Co.
Employees Savings And
Profit Sharing Plan
By:/s/ Neil H. Koffler
- ------------------------------------
Neil H. Koffler as Attorney
in-Fact for Peter M. Collery
Vice President*
/s/ Peter M. Collery
- ----------------------------------------
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/ Neil H. Koffler /s/ Neil H. Koffler
- ---------------------------------------- -------------------------------
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. The
Powers of Attorney for Mr. Collery 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
