================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
------------------------------
SCPIE HOLDINGS INC.
(Name of Issuer)
COMMON STOCK, $0.0001 PAR VALUE PER SHARE 78402P104
(Title of class of securities) (CUSIP number)
NEIL H. KOFFLER
SC FUNDAMENTAL LLC
747 THIRD AVENUE, 27TH FLOOR
NEW YORK, NEW YORK 10017
(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
NOVEMBER 29, 2005
(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. See ss. 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 18 Pages)
================================================================================
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 78402P104 13D Page 2 of 18 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
---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 265,727
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 0
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 265,727
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 0
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 265,727
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.65%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
---------------------- -------------------------------------------------------------------------------------------------------
2
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 78402P104 13D Page 3 of 18 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
---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 265,727
----------------------
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------------
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 265,727
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 265,727
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.65%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
---------------------- -------------------------------------------------------------------------------------------------------
3
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 78402P104 13D Page 4 of 18 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
---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 200,473
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 0
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 200,473
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 0
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 200,473
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.00%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
---------------------- -------------------------------------------------------------------------------------------------------
4
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 78402P104 13D Page 5 of 18 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
---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 200,473
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 200,473
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 200,473
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.00%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
---------------------- -------------------------------------------------------------------------------------------------------
5
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 78402P104 13D Page 6 of 18 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
---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 200,473
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 200,473
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 200,473
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.00%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
---------------------- -------------------------------------------------------------------------------------------------------
6
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 78402P104 13D Page 7 of 18 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
---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 200,473
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 200,473
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 200,473
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.00%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
---------------------- -------------------------------------------------------------------------------------------------------
7
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 78402P104 13D Page 8 of 18 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
---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 100*
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 466,200
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 100*
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 466,200
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
466,300**
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.66%
---------------------- -------------------------------------------------------------------------------------------------------
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: 70 shares; and (ii) Edward Arnold
Collery: 30 shares.
** Of such amount, 100 shares are held by Mr. Collery as custodian for his
children as stated immediately above.
8
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 78402P104 13D Page 9 of 18 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
---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 466,200
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 466,200
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 466,200
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.66%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
---------------------- -------------------------------------------------------------------------------------------------------
9
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 78402P104 13D Page 10 of 18 Pages
----------------------------------------------------------- --------------------------------------------------------
---------------------- -------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON JOHN T. BIRD
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
---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 466,200
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 466,200
---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 466,200
---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.66%
---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
---------------------- -------------------------------------------------------------------------------------------------------
10
This Amendment No. 2 ("Amendment No. 2") amends the Statement on
Schedule 13D (the "Schedule 13D") filed on November 1, 2002, as amended, by and
on behalf of 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") and Neil H. Koffler ("Koffler") as members
of a joint filing group with respect to the ownership of the common stock, par
value $0.0001 per share ("Common Stock"), of SCPIE Holdings Inc., a Delaware
corporation (the "Company"). Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Schedule 13D, as amended.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The responses of the Reporting Persons to Rows (11) through (13)
of the cover pages of this Amendment No. 2 are incorporated herein by reference.
As of the close of business on December 2, 2005, the Reporting Persons
beneficially owned (or are deemed, solely for purposes of Rule 13d-3, to have
beneficially owned), directly or indirectly, an aggregate of 489,100 shares of
Common Stock, representing approximately 4.88% of the Common Stock outstanding
on December 2, 2005, (based on 10,012,391 shares of Common Stock outstanding as
of November 3, 2005 as reported in the Company's Quarterly Report on Form 10-Q
for the fiscal quarter ended September 30, 2005). 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
---- ------------ ----------
SC Fundamental Value Fund, L.P. 265,727 2.65%
SC Fundamental LLC 265,727 2.65%
SC Fundamental Value BVI, Ltd. 200,473 2.00%
SC Fundamental Value BVI, Inc. 200,473 2.00%
SC-BVI Partners 200,473 2.00%
PMC-BVI, Inc. 200,473 2.00%
Peter M. Collery 466,300 (1) 4.66%
Neil H. Koffler 466,200 4.66%
John T. Bird 466,200 4.66%
(1) Includes 100 shares of Common Stock held by Collery as custodian for
his children.
(b) The responses of the Reporting Persons to (i) Rows (7) through
(10) of the cover pages of this Amendment No. 2 and (ii) Item 5a hereof are
incorporated herein by reference. Bird, 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.
Bird and Koffler, by virtue of their status as executive officers 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.
11
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 100 shares of Common Stock of which he is the
custodian for his children.
(c) During the last 60 days, the following transactions in Common
Stock were effected by the Reporting Persons on the New York Stock Exchange:
Number of
Shares
Purchased/ Price Per Commission Per
Reporting Person Sold Share Share Date
---------------- ---- ----- ----- ----
SC Fundamental Value Fund, L.P. (2,220) 18.0700 0.0050 11/8/05
SC Fundamental Value BVI, Ltd. (1,680) 18.0700 0.0050 11/8/05
SC Fundamental Value Fund, L.P. (4,790) 18.0190 0.0200 11/9/05
SC Fundamental Value BVI, Ltd. (3,610) 18.0190 0.0200 11/9/05
SC Fundamental Value Fund, L.P. (5,020) 18.0293 0.0200 11/16/05
SC Fundamental Value BVI, Ltd. (3,780) 18.0293 0.0200 11/16/05
SC Fundamental Value Fund, L.P. (4,450) 18.3610 0.0200 11/17/05
SC Fundamental Value BVI, Ltd. (3,350) 18.3610 0.0200 11/17/05
SC Fundamental Value Fund, L.P. (14,250) 19.5387 0.0200 11/18/05
SC Fundamental Value BVI, Ltd. (10,750) 19.5387 0.0200 11/18/05
SC Fundamental Value Fund, L.P. (15,390) 20.0807 0.0200 11/21/05
SC Fundamental Value BVI, Ltd. (11,610) 20.0807 0.0200 11/21/05
SC Fundamental Value Fund, L.P. (170) 20.1900 0.0050 11/21/05
SC Fundamental Value BVI, Ltd. (130) 20.1900 0.0050 11/21/05
SC Fundamental Value Fund, L.P. (1,310) 20.2000 0.0200 11/22/05
SC Fundamental Value BVI, Ltd. (990) 20.2000 0.0200 11/22/05
12
Number of
Shares
Purchased/ Price Per Commission Per
Reporting Person Sold Share Share Date
---------------- ---- ----- ----- ----
SC Fundamental Value Fund, L.P. (5,190) 20.1929 0.0050 11/23/05
SC Fundamental Value BVI, Ltd. (3,910) 20.1929 0.0050 11/23/05
SC Fundamental Value Fund, L.P. (7,350) 20.3440 0.0200 11/29/05
SC Fundamental Value BVI, Ltd. (5,550) 20.3440 0.0200 11/29/05
SC Fundamental Value Fund, L.P. (3,590) 21.0147 0.0200 11/30/05
SC Fundamental Value BVI, Ltd. (2,710) 21.0147 0.0200 11/30/05
SC Fundamental Value Fund, L.P. (1,250) 21.0000 0.0200 12/1/05
SC Fundamental Value BVI, Ltd. (950) 21.0000 0.0200 12/1/05
SC Fundamental Value Fund, L.P. (13,000) 21.0139 0.0200 12/2/05
SC Fundamental Value BVI, Ltd. (9,800) 21.0139 0.0200 12/2/05
(d) Not applicable.
(e) On November 29, 2005, the Reporting Persons ceased to be the
beneficial owner of more than 5% of the Common Stock.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1. Joint Filing Agreement, dated December 5, 2005
[The remainder of this page intentionally left blank.]
13
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: December 5, 2005
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/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery, President (1)
14
SC FUNDAMENTAL VALUE BVI, INC.
By: /s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler, Vice President
/s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler as Attorney-in-Fact for
Peter M. Collery (1)
/s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler
/s/ Neil H. Koffler
-----------------------------------------
Neil H. Koffler as Attorney-in-Fact for
John T. Bird (2)
(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 the
Statement on Schedule 13G with respect to the Class A Common Stock of
Winmill & Co. Incorporated, filed on November 26, 2003, and is hereby
incorporated by reference.
(2) Executed by Neil H. Koffler as Attorney-in-Fact for John T. Bird. The
Power of Attorney for Mr. Bird is attached as Exhibit 2 to Amendment No.
1 to the Statement on Schedule 13G with respect to the Common Stock of
Tengasco, Inc., filed on March 28, 2005, and is hereby incorporated by
reference.
15
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
1 Joint Filing Agreement, dated December 5, 2005
16