-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FwljgfS6QUlWzpdLyCGPhPdGrZiIVyhqnjgCAmBVlzWpwfMXFwY10UucG4Fhals4 f9mV615D3Q2+0aaU1tuNsQ== 0000932799-99-000071.txt : 19990707 0000932799-99-000071.hdr.sgml : 19990707 ACCESSION NUMBER: 0000932799-99-000071 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990706 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BAYCORP HOLDINGS LTD CENTRAL INDEX KEY: 0001012127 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 020488443 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-50357 FILM NUMBER: 99659442 BUSINESS ADDRESS: STREET 1: 100 MAIN ST STREET 2: COCHECO FALLS MILLWORKS CITY: DOVER STATE: NH ZIP: 03820 BUSINESS PHONE: 6037423388 MAIL ADDRESS: STREET 1: COCHECO FALLS MILLWORKS STREET 2: 100 MAIN ST STE 201 CITY: DOVER STATE: NH ZIP: 03820 FORMER COMPANY: FORMER CONFORMED NAME: GREAT BAY HOLDINGS CORP DATE OF NAME CHANGE: 19960424 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SC FUNDAMENTAL INC CENTRAL INDEX KEY: 0000919094 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133563937 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 712 5TH AVE 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2129573500 MAIL ADDRESS: STREET 1: 712 5TH AVENUE 19TH FL STREET 2: 712 5TH AVENUE 19TH FL CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1) BAYCORP HOLDINGS LTD (Name of Issuer) Common Stock, Par Value, $0.01 Per Share (Title of Class of Securities) 072728108 (CUSIP Number) Stephen M. Davis, Esq. Heller Ehrman White & McAuliffe 711 Fifth Avenue, New York, New York 10022, (212) 832-8300 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) June 28, 1999 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13-d-1(b)(3) or (4), check the following box [ ]. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 21 Pages SCHEDULE 13D - ---------------------- ----------------- CUSIP No. 072728108 Page 2 of 21 Pages - ---------------------- ------------------ ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON The SC Fundamental Value Fund, L.P. - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - ----------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC/OO - ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] - ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------------- NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ----------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 518,060 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 518,060 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 518,060 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.3% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SCHEDULE 13D - ---------------------- ----------------- CUSIP No. 072728108 Page 3 of 21 Pages - ---------------------- ----------------- ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON SC Fundamental Value BVI, Inc. - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x] (b) [ ] - ----------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] - -------------------------------------------------------------- ----------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------ NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ------------------------------------------------------------------------------ 7 SOLE VOTING POWER 0 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 271,443 - ------------------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 271,443 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 271,443 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.3% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SCHEDULE 13D - ---------------------- ----------------- CUSIP No. 072728108 Page 4 of 21 Pages - ---------------------- ----------------- ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON SC Fundamental Inc. - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x] (b) [ ] - ------------------------------------------------------------------------------ 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] - ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------------- NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ----------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 518,060 - ---------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 518,060 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 518,060 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.3% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SCHEDULE 13D - ---------------------- ----------------- CUSIP No. 072728108 Page 5 of 21 Pages - ---------------------- ----------------- ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Gary N. Siegler - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - ----------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] - ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----------------------------------------------------------------------------- NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ----------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 804,503 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 804,503 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 804,503 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.8% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ============================================================================== SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SCHEDULE 13D - ---------------------- ----------------- CUSIP No. 072728108 Page 6 of 21 Pages - ---------------------- ----------------- ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Peter M. Collery - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - ----------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] - ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----------------------------------------------------------------------------- NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ----------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 812,003 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 812,003 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 812,003 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.9% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SCHEDULE 13D - ---------------------- ----------------- CUSIP No. 072728108 Page 7 of 21 Pages - ---------------------- ----------------- ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Neil H. Koffler - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [x] - ----------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] - ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----------------------------------------------------------------------------- NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ----------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 789,503 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 789,503 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 789,503 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.6% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SCHEDULE 13D - ---------------------- ----------------- CUSIP No. 072728108 Page 8 of 21 Pages - ---------------------- ----------------- ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON SC-BVI Partners - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x] (b) [ ] - ----------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] - ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----------------------------------------------------------------------------- NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ----------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 271,443 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 271,443 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 271,443 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.3% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SCHEDULE 13D - ---------------------- ----------------- CUSIP No. 072728108 Page 9 of 21 Pages - ---------------------- ----------------- ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON SC Fundamental Value BVI, Ltd. - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x] (b) [ ] - ----------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] - ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - ----------------------------------------------------------------------------- NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ----------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 271,443 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 271,443 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 271,443 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.3% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SCHEDULE 13D - ---------------------- ----------------- CUSIP No. 072728108 Page 10 of 21 Pages - ---------------------- ----------------- ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON SC Fundamental, LLC - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x] (b) [ ] - ----------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] - ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - ----------------------------------------------------------------------------- NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ----------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 518,060 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 518,060 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 518,060 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.3% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! Page 11 of 21 Pages AMENDMENT NO. 1 TO THE SCHEDULE 13D This statement constitutes Amendment No. 1 to the Schedule 13D relating to the Common Stock, par value $0.01 per share ("Common Stock"), of Baycorp Holdings Ltd (the "Issuer") filed by SC Fundamental Inc. ("SC"), The SC Fundamental Value Fund, L.P. ("Fund"), SC Fundamental Value BVI, Inc. ("BVI Inc."), Gary N. Siegler ("Siegler"), Peter M. Collery ("Collery"), SC Fundamental, LLC (SCFLLC"), SC Fundamental Value BVI, Ltd. ("BVI Fund"), SC-BVI Partners and Neil H. Koffler ("Koffler") (collectively, the "Reporting Persons"). Item 2. Identity and Background. SCFLLC is a New York limited liability company and, effective as of January 1, 1998, became the general partner of Fund. The principal business of SCFLLC is serving in such capacity and investing in securities. The business address of SCFLLC is 10 East 50th Street, New York, New York 10022. During the last five years, neither SCFLLC nor any of its members has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding has been or is subject to a judgment, decree or final order enjoining future violation of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. The name, position and business address of each member of SCFLLC is set forth on Exhibit B attached hereto. BVI Fund is a British Virgin Islands Company. The principal business of BVI Fund is investing in securities. The business address of BVI Fund is c/o Citco Fund Services (Cayman Islands) Ltd., Corporate Center, West Bay Road, Grand Cayman, Cayman Islands. During the last five years, neither BVI Fund nor any of its directors or officers has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding has been or is subject to a judgment, decree or final order enjoining future violation of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. The name, position, business address and citizenship of the directors and executive officers of BVI Fund are set forth on Exhibit B hereto. SC-BVI Partners is a Delaware general partnership. The principal business of SC-BVI Partners is serving as the investment manager of BVI Fund and investing in securities. The business address of SC-BVI Partners is 10 East 50th Street, New York, New York 10022. During the last five years, neither SC-BVI Partners nor any of its general partners has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or Page 12 of 21 Pages administrative body of competent jurisdiction and as a result of such proceeding has been or is subject to a judgment, decree or final order enjoining future violation of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. The name, position and business address of the general partners of SC-BVI Partners are set forth on Exhibit B hereto. Koffler is a citizen of the United States having a business address at c/o SC Fundamental, LLC, 10 East 50th Street, New York, New York 10022. The principal occupation of Koffler is acting as an employee member of SCFLLC. Koffler also serves as a director of the Issuer. During the last five years, Koffler has not been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding has been or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Item 5. Interest in Securities of the Issuer (a) As of the close of business on July 2, 1999, the Reporting Persons, by virtue of the language of Rule 13d-3(d)(1)(i), may be deemed to own beneficiary in the aggregate the number and percentage of the Issuer's common stock set forth opposite their names below (based upon the number of Shares that were reported to be outstanding in the Issuer's Form 10Q as of May 7, 1999. Page 13 of 21 Pages =============================================================================
Name Shares of Common Stock Percentage - ----------------------------------------------------------------------------- SC Fundamental Inc. 518,060 6.3% - ----------------------------------------------------------------------------- The SC Fundamental Value Fund, L.P. 518,060 6.3% - ----------------------------------------------------------------------------- SC Fundamental Value BVI, Inc. 271,443 3.3% - ----------------------------------------------------------------------------- Gary N. Siegler 804,503 9.8% - ----------------------------------------------------------------------------- Peter M. Collery 812,003(1) 9.9% - ----------------------------------------------------------------------------- SC BVI Partners 271,443 3.3% - ----------------------------------------------------------------------------- SC Fundamental Value BVI, Ltd. 271,443 3.3% - ----------------------------------------------------------------------------- SC Fundamental, LLC 518,060 6.3% - ----------------------------------------------------------------------------- Neil H. Koffler 789,503 9.6% - ----------------------------------------------------------------------------- SC Fundamental Employees' Savings and Profit Sharing Plan 15,000 .18% - ----------------------------------------------------------------------------- (1) Includes 7,500 shares of the Issuer's common stock held by the Student Sponsor Partnership, Inc. a non profit educational company for which Mr. Collery is President. Mr Collery disclaims beneficial ownership of such 7,500 shares.
Page 14 of 21 Pages (b) Siegler and Collery, by virtue of their status as principal members of SCFLLC, the general partner of Fund, and as the controlling stockholders, directors and executive officers of SC, the corporate member and manager of SCFLLC, may be deemed to share with Fund, SCFLLC and SC the power to vote or direct the vote and to dispose or to direct the disposition of shares of common stock of which Fund is the direct beneficial owner. Koffler, by virtue of his status as an employee member of SCFLLC, the general partner of Fund, may be deemed to share with Fund and SCFLLC the power to vote or direct the vote and to dispose or to direct the disposition of Shares of common stock of which Fund is the direct beneficial owner. Siegler and Collery, by virtue of their status as controlling stockholders, directors and executive officers, and Koffler by virtue of his status as an executive officer, of BVI Inc., the managing general partner of SC-BVI Partners and BVI Fund, may be deemed to share with BVI Inc., SC-BVI Partners and BVI Fund the power to vote or direct the vote and to dispose or direct the disposition of shares of Common Stock of which BVI Fund is the direct beneficial owner. Because BVI Fund and SC-BVI Partners could be deemed to share with BVI Inc. the power to vote or direct the vote and the power to dispose or direct the disposition of such shares of Common Stock (and as to which BVI Inc. exercises such power), BVI Fund and SC-BVI Partners have been added as Reporting Persons. Siegler and Collery, by virtue of their status as trustees of the Employee Plan, may be deemed to share with Employee Plan the power to vote or direct the vote and to dispose or direct the disposition of shares of Common Stock of which Employee Plan is the direct beneficial owner. (c)The following table sets forth the transactions effected by each of the Reporting Persons listed in Item 5(a) during the past sixty days. Unless otherwise noted, each of the transactions set forth below reflects a sale effected on the American Stock Exchange.
BVI, Inc. Price Per on behalf Trade Date Share ($) Fund of BVI Ltd. - ----------------------------------------------------------------------------- 6/28/99 6.6545 18,880 9,720 - ----------------------------------------------------------------------------- 6/29/99 6.5094 6,600 3,400 - ----------------------------------------------------------------------------- 7/01/99 6.2500 1,090 910 - ----------------------------------------------------------------------------
Page 15 of 21 Pages Item 7. Materials to be filed as Exhibits. Exhibit A - Joint filing agreement, dates July 2, 1999 among the Reporting Persons. Exhibit B - List of officers, directors, members or partners for SC Fundamental,LLC, SC Fundamental BVI, Ltd., and SC-BVI Partners. EXHIBIT INDEX Exhibit Description A Joint Filing Agreement dated July 2, 1999 among the Reporting Persons B List of officers, directors, members or partners of SC Fundamental LLC, SC Fundamental BVI, Ltd.,and SC-BVI Partners. Page 16 of 21 Pages After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true, complete and correct. Dated: July 2, 1999 SC FUNDAMENTAL LLC SC FUNDAMENTAL INC. SC Fundamental Inc. as Manager /s/ Neil H. Koffler /s/ Neil H. Koffler By: ---------------------------- By: ----------------------------- Neil H. Koffler as Attorney- Neil H. Koffler as Attorney-in- in-Fact for Peter M. Collery Fact for Peter M. Collery, Vice President* Vice President* THE SC FUNDAMENTAL VALUE FUND, L.P. By: SC FUNDAMENTAL, LLC SC-BVI Partners as General Partner By: SC Fundamental Value BVI, Inc. as Managing General Partner /s/ Neil H. Koffler /s/ Neil H. Koffler By: ----------------------------- By: ------------------------------ Neil H. Koffler as Attorney- Neil H. Koffler as Attorney-in- in-Fact for Peter M. Collery Fact for Peter M. Collery Vice President* Vice President* SC FUNDAMENTAL VALUE BVI, INC. /s/ Neil H. Koffler SC FUNDAMENTAL VALUE BVI, Ltd. By: ---------------------------- By: SC Fundamental Value BVI, Inc. Neil H. Koffler as Attorney- as Managing General Partner of in-Fact for Peter M. Collery Investment Manager Vice President* /s/ Neil H. Koffler - ---------------------------- /s/ Neil H. Koffler Neil H. Koffler as Attorney- By: ------------------------------ in-Fact for Gary N. Siegler* Neil H. Koffler as Attorney -in-Fact for Peter M. Collery Vice President* /s/ Neil H. Koffler - ----------------------------- SIEGLER, COLLERY &CO.EMPLOYEES SAVINGS AND PROFIT SHARING PLAN /S/ Neil H Koffler By: /s/ Neil H. Koffler By:-------------------------- ------------------------------- Neil H. Koffler as Attorney Neil H. Koffler as Attorney in Fact for Peter M. Collery in-Fact for Peter M. Collery, Vice President *Executed by Neil H. Koffler as Attorney-In-Fact for Peter M. Collery and Gary N. Siegler. The Powers of Attorney for Messrs. Collery and Siegler were filed as Exhibit A to Amendment No. 5 to Schedule 13D relating to US Facilities Corporation on August 4, 1995 and is hereby incorporated herein by reference. Page 17 of 21 Pages Exhibit A JOINT FILING AGREEMENT In accordance with Rule 13d-1(f) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock, par value $0.01 per share, of Baycorp Holdings, Ltd and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filing. In evidence thereof, the undersigned, hereby execute this Agreement this 2nd day of July 2, 1999. Dated: July 2, 1999 SC FUNDAMENTAL INC By: /s/ Peter M. Collery /s/ Neil H. Koffler - ---------------------------- -------------------------------- Neil H. Koffler as Attorney- Neil H. Koffler in-Fact for Peter M. Collery Vice President(*) THE SC FUNDAMENTAL VALUE FUND, L.P. By: SC FUNDAMENTAL, LLC, as General Partner By: /s/ Peter M. Collery - ----------------------------- Neil H. Koffler as Attorney- in-Fact for Peter M. Collery Vice President(*) SC FUNDAMENTAL VALUE BVI, INC. By: /s/ Peter M. Collery - ----------------------------- Neil H. Koffler as Attorney- in-Fact for Peter M. Collery Vice President(*) Page 18 of 21 Pages /s/ Gary N. Siegler Siegler Collery and Co. - ----------------------------- Employees Savings And Neil H. Koffler as Attorney- Profit Sharing Plan in Fact for Gary N. Siegler(*) By: /s/ Neil H. Koffler --------------------------- Neil H. Koffler as Attorney /s/ Peter M. Collery in-Fact for Peter M. - ------------------------------ Collery, Vice President Neil H. Koffler as Attorney- in Fact for Peter M. Collery(*) SC FUNDAMENTAL, LLC By: SC Fundamental Inc., as Manager By: /s/ Peter M. Collery - -------------------------------- Neil H. Koffler as Attorney- in Fact for Peter M. Collery Vice President (*) SC FUNDAMENTAL VALUE BVI, LTD. SC-BVI PARTNERS By: SC Fundamental Value BVI, By: SC Fundamental Value BVI Inc., as managing general Inc., as managing general partner of investment partner manager By: /s/ Peter M. Collery /s/ Peter M. Collery - -------------------------------- ------------------------------- Neil H. Koffler as Attorney-in- Neil H. Koffler as Attorney- Fact for Peter M. Collery, in-Fact for Peter M. Collery, Vice President(*) Vice President(*) (*) Executed by Neil H. Koffler as Attorney-in-Fact for Peter M. Collery and Gary N. Siegler. The Powers of Attorney for Messrs. Collery and Siegler were filed as Exhibit A to Amendment No. 5 to the Schedule 13D relating to the US Facilities Corporation on August 4, 1995 and are hereby incorporated herein by reference. 260395 Page 19 of 21Pages EXHIBIT B MEMBERS OF SC FUNDAMENTAL, LLC The name and present principal occupation or employment of the Members of SC Fundamental, LLC are set forth below. The business address of each Member is 10 East 50th Street, New York, New York 10022. All such persons are United States citizens.
================================================================= Present Principal Name and Position Occupation or Employment - ----------------------------------------------------------------- SC Fundamental Inc. Manager of SC Fundamental, LLC Corporate Member - ----------------------------------------------------------------- Gary N. Siegler Principal Member of SC Fundamental, Principal Member LLC, President of SC Fundamental Inc., and SC Fundamental BVI, Inc. - ----------------------------------------------------------------- Peter M. Collery Principal Member of SC Fundamental, Principal Member LLC, Vice President of SC Fundamental Inc. and SC Fundamental BVI, Inc. - ----------------------------------------------------------------- Neil H. Koffler Employee Member of SC Fundamental, Employee Member LLC =================================================================
Page 20 of 21 Pages EXHIBIT B DIRECTOR AND EXECUTIVE OFFICERS OF SC FUNDAMENTAL VALUE BVI, LTD. The name, address, citizenship and present principal occupation or employment of the directors and executive officers of SC Fundamental Value BVI, Ltd. are set forth below. The business address of such directors and executive officers is c/o Citco Fund Services (Cayman Islands) Ltd., Corporate Center, West Bay Road, Grand Cayman, Cayman Islands.
================================================================= Name, Position and Present Principal Citizenship Occupation or Employment - ----------------------------------------------------------------- Gary N. Siegler Principal Member of SC Fundamental, Director LLC, President of SC Fundamental United States Inc., and SC Fundamental BVI, Inc. - ----------------------------------------------------------------- Bernard Loze Principal of Loze & Associates Director France - ----------------------------------------------------------------- David M. Mills Partner of Withers Solicitors Director England - ----------------------------------------------------------------- Anthony Stocks Director of International Fund Director Services division of the Citco England Group =================================================================
Page 21 of 21 Pages EXHIBIT B PARTNERS OF SC-BVI PARTNERS The name and position of the general partners of SC-BVI Partners are set forth below. The business address of each general partner is 10 East 50th Street, New York, New York 10022. All such persons are Delaware corporations. Name and Position - ------------------- SC Fundamental BVI Inc. Managing General Partner GNS-BVI, Inc.(1) Partner PMC-BVI, Inc.(2) Partner - ---------------------------------- (1) Gary N. Siegler is the sole stockholder, officer and director of GNS-BVI, Inc. (2) Peter M. Collery is the sole stockholder, officer and director of PMC-BVI, Inc. -----END PRIVACY-ENHANCED MESSAGE-----