-----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, V5cuHcxMRJwrfPjpTmoc5C7vUVe3ep6Pv0+Z8LS28OLTDTvl5vHEaaPamKWI6WlG C3Sp/uTabwyghMkGFrU35A== 0000909518-97-000206.txt : 19970407 0000909518-97-000206.hdr.sgml : 19970407 ACCESSION NUMBER: 0000909518-97-000206 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19970404 SROS: NASD GROUP MEMBERS: GARY N. SIEGLER GROUP MEMBERS: PETER M. COLLERY GROUP MEMBERS: SC FUNDAMENTAL INC GROUP MEMBERS: SC FUNDAMENTAL VALUE BVI, INC. GROUP MEMBERS: THE SC FUNDAMENTAL VALUE FUND, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: INAMED CORP CENTRAL INDEX KEY: 0000109831 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 590920629 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-34274 FILM NUMBER: 97575249 BUSINESS ADDRESS: STREET 1: 3800 HOWARD HUGHES PARKWAY STE 900 CITY: LAS VEGAS STATE: NV ZIP: 89109 BUSINESS PHONE: 7027913388 MAIL ADDRESS: STREET 1: 3800 HOWARD HUGHES PARKWAY STE 900 CITY: LAS VEGAS STATE: NV ZIP: 89109 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN CORP /FL/ DATE OF NAME CHANGE: 19860819 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 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 1 INAMED 13D ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (AMENDMENT NO. 3) INAMED CORPORATION - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, NO PAR VALUE 453235103 - -------------------------------------------------------------------------------- (Title of class of securities) (CUSIP number) DAVID E. ZELTNER, ESQ. WEIL, GOTSHAL & MANGES LLP 767 FIFTH AVENUE NEW YORK, NEW YORK 10153 (212) 310-8000 - -------------------------------------------------------------------------------- (Name, address and telephone number of person authorized to receive notices and communications) APRIL 1, 1997 - -------------------------------------------------------------------------------- (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 [_]. 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 ("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. 453235103 13D-Page 2 - ------------------------------------ ----------------------------------- - -------------------------------------------------------------------------------- S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X] (B) [_] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: WC/OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: DELAWARE - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 613,095 OWNED BY ------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 613,095 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 613,095 REPORTING PERSON: - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.8% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: PN - -------------------------------------------------------------------------------- SEE INSTRUCTIONS BEFORE FILLING OUT! - ---------------------------------- ----------------------------------- CUSIP No. 453235103 13D-Page 3 - ---------------------------------- ----------------------------------- - -------------------------------------------------------------------------------- 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: N/A - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: DELAWARE - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 275,205 OWNED BY ------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 275,205 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 275,205 REPORTING PERSON: - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: CO - -------------------------------------------------------------------------------- SEE INSTRUCTIONS BEFORE FILLING OUT! - --------------------------------- ------------------------------------ CUSIP No. 453235103 13D-Page 4 - --------------------------------- ------------------------------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: SC FUNDAMENTAL, 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: N/A - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: DELAWARE - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER: 613,095 OWNED BY ------------------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------------------------------------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER: 613,095 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 613,095 REPORTING PERSON: - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.8% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: CO - -------------------------------------------------------------------------------- SEE INSTRUCTIONS BEFORE FILLING OUT! - ------------------------------------ --------------------------------- CUSIP No. 453235103 13D-Page 5 - ------------------------------------ --------------------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON: GARY N. SIEGLER S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: - -------------------------------------------------------------------------------- 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 ITEM 2(d) OR 2(e): [_] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: UNITED STATES - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER: 888,300 OWNED BY ------------------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------------------------------------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER: 888,300 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 888,300 REPORTING PERSON: - -------------------------------------------------------------------------------- 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 BEFORE FILLING OUT! - ------------------------------------- -------------------------------- CUSIP No. 453235103 13D-Page 6 - ------------------------------------- -------------------------------- - -------------------------------------------------------------------------------- 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) [_] (B) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS: N/A - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: UNITED STATES - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER: 888,300 OWNED BY ------------------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------------------------------------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER: 888,300 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH 888,300 REPORTING PERSON: - -------------------------------------------------------------------------------- 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 BEFORE FILLING OUT! This constitutes Amendment No. 3 to the Schedule 13D (the "Statement") filed with the Securities and Exchange Commission (the "Commission") by The SC Fundamental Value Fund, L.P., a Delaware limited partnership (the "Fund"), SC Fundamental Value BVI, Inc., a Delaware corporation, SC Fundamental Inc., a Delaware corporation, Gary N. Siegler, an individual, and Peter M. Collery, an individual (collectively, the "Reporting Persons"), with respect to the Common Stock, no par value (the "Common Stock"), of Inamed Corporation, a Florida corporation (the "Company"). Item 4. Purpose of the Transaction. As previously reported in the Statement and Amendments No. 1 and 2 thereto, the Fund and SC Fundamental Value BVI, Ltd. (collectively, the "Sellers") purchased, in the aggregate, $8,460,000 principal amount of the Company's 11% Secured Convertible Notes due 1999 (the "Notes"). The Notes were issued under an indenture, dated as of January 2, 1996 (as amended from time to time, the "Indenture"), between the Company and Santa Barbara Bank & Trust, as trustee. As previously reported in Amendment No. 2 to the Statement filed with the Commission on March 4, 1997, the Sellers entered into that certain letter agreement, dated February 27, 1997 (the "Letter Agreement"), with the Company pursuant to which, among other things, the Sellers agreed to a restructuring of the Company's indebtedness held by the Sellers in order to, among other things, (i) terminate those certain Escrow 7 Agreements, each dated as of January 2, 1996 (as amended from time to time, the "Escrow Agreements") and (ii) return the escrowed funds held pursuant to the Escrow Agreements to the Sellers and the other holders of the Notes and the Company agreed to issue to the Sellers and the other holders of the Notes warrants to purchase shares of Common Stock (the "Warrants"). The Sellers have agreed to sell (the "Sale") to Appaloosa Investment Limited Partnership I (the "Buyer") $4,834,286 in aggregate principal amount of the Notes. See Item 6 below, which is incorporated herein by reference, for additional information with respect to the Sale. After giving effect to the Sale, the the receipt of the escrowed funds held pursuant to the Escrow Agreements (which, pursuant to the terms of the Indenture, will result in a redemption of the Notes then owned by the Sellers) and the issuance of the Warrants, the Reporting Persons will no longer beneficially own any Notes, will beneficially own 42,300 shares of Common Stock and will own Warrants, not exercisable prior to August 15, 1997, that will represent the right to purchase 403,000 shares of Common Stock. Except with respect to the Sale, the Reporting Persons currently have no plans or proposals which would result in any of the actions described in clauses (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons may from time to time (i) acquire additional shares of Common Stock, subject to the availability of prices deemed favorable in the open market, in privately negotiated transactions or otherwise or (ii) dispose of the 8 shares of Common Stock owned by them or subsequently acquired or sell short such shares of Common Stock, in each case at prices deemed favorable in the open market, in privately negotiated transactions or otherwise. Item 5. Interest in Securities of the Issuer ------------------------------------ The information in Items 4 and 6 is incorporated herein by reference. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. ------------------------------------------------------- The Sellers have agreed to sell to the Buyer at par $4,834,286 in aggregate principal amount of the Notes. The closing of the Sale is scheduled to take place upon the effectiveness of the second supplemental indenture to the Indenture, which supplement will give effect to the amendments to the Notes contemplated by the Letter Agreement, or as soon as practicable. Item 7. Material to be Filed as Exhibits. --------------------------------- 1. Trade Confirmation, dated as of March 27, 1997, among the Sellers, Scott Bommer and the Buyer. 9 SIGNATURE After reasonable inquiry and to the best of our knowledge and belief, we the undersigned certify that the information set forth in this Statement is true, complete and correct. Dated: April 2, 1997 SC FUNDAMENTAL INC. By: /s/ Neil H. Koffler ---------------------------------- Neil H. Koffler as Attorney- in-Fact for Peter M. Collery, Vice President THE SC FUNDAMENTAL VALUE FUND, L.P. By: SC FUNDAMENTAL INC. By: /s/ Neil H. Koffler ---------------------------------- Neil H. Koffler as Attorney- in-Fact for Peter M. Collery, Vice President SC FUNDAMENTAL VALUE BVI, INC. By: /s/ Neil H. Koffler ---------------------------------- Neil H. Koffler as Attorney- in-Fact for Peter M. Collery, Vice President /s/ Neil H. Koffler ---------------------------------- Neil H. Koffler as Attorney- in-Fact for Gary N. Siegler* /s/ Neil H. Koffler ---------------------------------- Neil H. Koffler as Attorney- in-Fact for Peter M. Collery* *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. 10 EXHIBIT INDEX 1. Trade Confirmation, dated as of March 27, 1997, among the Sellers, Scott Bommer and the Buyer. 11 EX-1 2 EXHIBIT 1 EXHIBIT 1 TRADE CONFIRMATION SELLERS NAME: SC Fundamental Value Fund, L.P. SC Fundamental Value BVI, Ltd. Scott Bommer CONTACT: Neil Koffler FAX NUMBER: (212) 957-3434 PHONE NUMBER: (212) 957-3500 BUYER NAME: Appaloosa Investment Limited Partnership I CONTACT PERSON: Jim Bolin FAX NUMBER: (201) 376-5415 PHONE NUMBER: (201) 376-5400 AGENT NAME: Goldman, Sachs & Co. CONTACT: Lex Malas FAX NUMBER: (212) 902-3757 PHONE NUMBER: (212) 902-3495 The parties hereby agree to the following transaction. TRADE DATE: As of March 27, 1997 BUYER: Appaloosa Investment Limited Partnership I SELLERS: SC Fundamental Value Fund, L.P., SC Fundamental Value BVI, Ltd., and Scott Bommer AGENT: Goldman, Sachs & Co. CREDIT AGREEMENT: Inamed Corporation 11% Secured Convertible Notes due 1999 (the "Notes") PRINCIPAL AMOUNT: $4,857,142.86 FORM OF PURCHASE: Assignment CLOSING: Upon effectiveness of the supplemental indenture to reflect the amended terms of the Notes as described in the letter dated February 27, 1997 referred to below or as soon as practicable PRICE: 100% of Principal Amount plus accrued interest through Closing AGENT'S COMMISSION: 0.125% payable by Buyer REPRESENTATIONS: Sellers represent that other than (i) the First Supplement to the Indenture dated as of June 20, 1996 and (ii) the Second Supplement to the Indenture as contemplated by the letter dated February 27, 1997, the Sellers have not authorized, nor to the Sellers' knowledge have there been, any alterations or modifications of the Notes and Indenture since the execution of the Note Purchase Agreement dated January 23, 1996. Sellers also represent that the Notes are secured by a valid, perfected and enforceable security interest in the assets as described in the Note Purchase Agreement dated January 23, 1996. Buyer and Sellers acknowledge that any of them may have access to or possession of confidential information concerning Inamed or the Notes. Buyer and Sellers agree to waive any claim against one another deriving from or relating to any assertion that they did not have access to the same confidential information. ADDITIONAL DOCUMENTATION: Buyer and Sellers agree to cooperate to execute reasonable necessary documentation to transfer the ownership of the Notes solely on the terms described herein. If the foregoing reflects our agreement, please provide the signature of a duly authorized officer or other signatory where indicated below and return this letter to each party. ACCEPTED AND AGREED: - -------------------- SELLERS BUYER SC Fundamental Value Fund, L.P. Appaloosa Investment Limited Partnership I By: SC Fundamental, Inc. By: Appaloosa Management LP, General Partner its Investment Advisor /s/ Neil H. Koffler By: Appaloosa Partners Inc., -------------------------- By: Neil H. Koffler its General Partner Treasurer /s/ James E. Bolin -------------------------- SC Fundamental Value BVI, Ltd. By: James E. Bolin Vice President By: SC-BVI Partners Investment Advisor By: SC Fundamental BVI, Inc. Managing Partner /s/ Neil H. Koffler -------------------------- By: Neil H. Koffler Treasurer /s/ Scott A. Bommer -------------------------- By: Scott A. Bommer For his own account AGENT GOLDMAN, SACHS & CO. By: __________________ Name: Title: -----END PRIVACY-ENHANCED MESSAGE-----