UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7)*
CALIFORNIA COASTAL COMMUNITIES, INC.
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(Name of Issuer)
Common Stock, $0.05 par value per share
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(Title of Class of Securities)
42550H
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(CUSIP Number)
Asher B. Edelman Todd J. Emmerman, Esq.
717 Fifth Avenue c/o Rosenman & Colin LLP
New York, New York 10022 575 Madison Avenue
(212) 371-7711 New York, New York 10022
(212) 940-8873
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
June 28, 2002
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(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 13d-1 (b)(3) or (4), check the following box |_|.
Note: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) 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 purpose 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).
CUSIP NO. 42550H SCHEDULE 13D Page 2 of 11 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Edelman Value Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 336,903 Shares
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
336,903 Shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
336,903 Shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.35%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 42550H SCHEDULE 13D Page 3 of 11 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Edelman Value Fund, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 223,516 Shares
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
223,516 Shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
223,516 Shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.22%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 42550H SCHEDULE 13D Page 4 of 11 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Asher B. Edelman & Associates LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Turks and Caicos
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7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 223,516 Shares (comprised of shares owned by Edelman
OWNED BY Value Fund, Ltd.)
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
223,516 Shares (comprised of shares owned by Edelman
Value Fund, Ltd.)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
223,516 Shares (comprised of shares owned by Edelman Value Fund, Ltd.)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.22%
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14 TYPE OF REPORTING PERSON*
00
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 42550H SCHEDULE 13D Page 5 of 11 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
A.B. Edelman Management Company, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY 336,903 Shares (comprised of shares owned by Edelman
EACH Value Partners, L.P.)
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
336,903 Shares (comprised of shares owned by Edelman
Value Partners, L.P.)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
336,903 Shares (comprised of shares owned by Edelman Value Partners, L.P.)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.35%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 42550H SCHEDULE 13D Page 6 of 11 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Asher B. Edelman
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY 560,419 Shares (comprised of shares owned by Edelman
EACH Value Partners, L.P. and shares owned by Edelman Value
REPORTING Fund, Ltd.)
PERSON --------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
560,419 Shares (comprised of shares owned by Edelman
Value Partners, L.P. and shares owned by Edelman Value
Fund, Ltd.)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
560,419 Shares (comprised of shares owned by Edelman Value Partners, L.P. and
shares owned by Edelman Value Fund, Ltd.)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.57%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
This Amendment No. 7 is being filed by (i) Edelman Value Partners, L.P., a
Delaware limited partnership ("Edelman Value Partners"), (ii) Edelman Value
Fund, Ltd., a British Virgin Islands corporation ("Edelman Value Fund"), (iii)
A.B. Edelman Management Company, Inc., a New York corporation ("Edelman
Management"), (iv) Asher B. Edelman & Associates LLC, a Turks and Caicos limited
liability company ("Edelman Associates"), and (iv) Asher B. Edelman (such
entities and individual are collectively referred to herein as the "Reporting
Persons"), with respect to the Common Stock, par value $0.05 per share (the
"Common Stock") of California Coastal Communities, Inc., a company incorporated
and existing under the laws of the State of Delaware (the "Company") and amends
the Schedule 13D (the "Schedule 13D") filed on July 9, 1999 by the Reporting
Persons, as amended by Amendment Nos. 1 and 2 filed by the Reporting Persons on
August 3, 1999 and October 14, 1999, respectively, by Amendment Nos. 3, 4 and 5
filed by the Reporting Persons (and certain other entities that were formerly
members of a reporting group with the Reporting Persons for purposes of Schedule
13D) on December 9, 1999, February 3, 2000 and June 18, 2001, respectively and
by Amendment No. 6 filed by the Reporting Persons on February 1, 2002.
Capitalized terms herein which are not otherwise defined herein shall have the
meanings ascribed to such terms in the Schedule 13D and the Amendments thereto.
Item 5. Interest in Securities of the Issuer.
(a) Item 5(a) is hereby amended and restated as follows:
The aggregate percentage of the outstanding shares of Common Stock
reported owned by each Reporting Person is based upon 10,058,589 shares of
Common Stock outstanding as of April 30, 2002, as reported in the Company's
quarterly report on Form 10-Q for the period ended March 31, 2002.
As of the close of business on June 28, 2002:
(i) Edelman Value Partners owns 336,903 shares of Common Stock
which constitute approximately 3.35% of the shares of Common Stock
outstanding;
(ii) Edelman Management owns no shares of Common Stock. As
sole General Partner of Edelman Value Partners, Edelman Management may be
deemed, by the provisions of Rule 13d-3 of the Exchange Act Rules, to be
the beneficial owner of the 336,903 shares of Common Stock owned by
Edelman Value Partners. Such shares of Common Stock constitute
approximately 3.35% of the shares of Common Stock outstanding;
(iii) Edelman Value Fund owns 223,516 shares of Common Stock
which constitute approximately 2.22% of the shares of Common Stock
outstanding;
(iv) Edelman Associates owns no shares of Common Stock. As
Investment Manager of Edelman Value Fund, Edelman Associates may be deemed
under the provisions of Rule 13D-3 of the Exchange Act Rules, to be the
beneficial owner of the 223,516 shares of Common Stock owned by Edelman
Value Fund. Such shares of Common Stock constitute approximately 2.22% of
the shares of Common Stock outstanding.
Page 7 of 11
(viii) Asher B. Edelman owns no shares of Common Stock. As the
President and sole Director of Edelman Management, which is the sole
General Partner of Edelman Value Partners, and as the Managing Member of
Edelman Associates, which is the Investment Manager of Edelman Value Fund,
Mr. Edelman may be deemed under the provisions of Rule 13d-3 of the
Exchange Act Rules, to be the beneficial owner of the 336,903 shares of
Common Stock owned by Edelman Value Partners and the 223,516 shares of
Common Stock owned by Edelman Value Fund. Such shares of Common Stock, in
the aggregate, constitute approximately 5.57% of the shares of Common
Stock outstanding.
(c) Item 5(c) is hereby amended as follows:
Set forth below is a description of all transactions in shares of
Common Stock that were effected by any of the Reporting Persons within the last
sixty days. All of the transactions listed below were effected on the open
market.
Purchase Number Price
Entity Date Or Sale Of Shares per Share
------ ---- ------- --------- ---------
Edelman Value Fund 4/29/02 S 7,000 $5.03415
Edelman Value Partners 5/1/02 S 500 $5.27982
Edelman Value Partners 5/3/02 S 500 $5.16984
Edelman Value Partners 5/9/02 S 6,100 $5.06165
Edelman Value Partners 5/10/02 S 5,000 $5.01985
Edelman Value Fund 6/4/02 S 2,400 $4.86985
Edelman Value Fund 6/20/02 S 2,000 $4.91985
Edelman Value Fund 6/26/02 S 11,000 $4.74716
Edelman Value Fund 6/28/02 S 5,600 $4.86985
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby restated as follows:
Exhibit 1: Agreement Pursuant to Rule 13d-1(k)
Page 8 of 11
SIGNATURE
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: July 1, 2002
/s/s Sebastiano Andina
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Sebastiano Andina, as attorney-in-fact for each of Asher B. Edelman,
Edelman Value Partners, L.P., Edelman Value Fund, Ltd., Asher B.
Edelman & Associates LLC and A.B. Edelman Management Company, Inc.
Page 9 of 11
EXHIBIT 1
AGREEMENT REGARDING JOINT FILING UNDER
SECTION 13(d) OF THE EXCHANGE ACT
FOR VALUE RECEIVED, the undersigned, effective as of June 13, 2001,
hereby agree as follows:
1. Joint Filing Authorization. Each party hereto authorizes
SEBASTIANO ANDINA to file on their behalf with the Securities & Exchange
Commission (the "SEC"), all appropriate exchanges and other appropriate parties,
as a joint filing for all of the undersigned parties pursuant to Rule 13d-1(k),
a statement of their beneficial ownership of the Common Stock, $0.05 par value
per share of CALIFORNIA COASTAL COMMUNITIES, INC. (the "Company") on Schedule
13D as promulgated by the SEC, including any pertinent amendments thereto, and
including, where applicable, additions or deletions to the group represented by
the undersigned.
2. Power of Attorney.
Each of Edelman Value Partners, L.P., Edelman Value Fund, Ltd.,
Asher B. Edelman & Associates LLC, individually and as Investment Manager
of Edelman Value Fund, Ltd., A.B. Edelman Management Company, Inc., individually
and in its capacity as General Partner of Edelman Value Partners, L.P., and
Asher B. Edelman, hereby designates and appoints SEBASTIANO ANDINA as their
attorney-in-fact, to take all actions and to execute all documentation in their
stead and on their behalf necessary or prudent to effectuate the joint filings
relating to the Company contemplated by this Agreement, until revoked in writing
by the party.
3. Binding on Heirs, Representatives, Successors and Assigns. This
Agreement shall be binding upon the undersigned and their respective heirs,
representatives, successors and assigns.
/s/ Asher B. Edelman
-----------------------------------------
Asher B. Edelman
EDELMAN VALUE PARTNERS, L.P.,
a Delaware limited partnership
By: A.B. Edelman Management Company, Inc., a
corporation, General Partner
By: /s/ Asher B. Edelman
-------------------------------------
Asher B. Edelman, President
Page 10 of 11
EDELMAN VALUE FUND, LTD.,
a British Virgin Islands corporation
By: Asher B. Edelman & Associates LLC, its
its Investment Manager
By: /s/ Asher B. Edelman
------------------------------------
Asher B. Edelman, Managing Member
A.B. EDELMAN MANAGEMENT COMPANY, INC.,
a New York corporation
By: /s/ Asher B. Edelman
------------------------------------
Asher B. Edelman, President
ASHER B. EDELMAN & ASSOCIATES LLC,
a limited liability company
By: /s/ Asher B. Edelman
------------------------------------
Asher B. Edelman, Managing Member
Page 11 of 11