8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 29, 2009

California Coastal Communities, Inc.

(Exact name of registrant as specified in its charter)

Delaware	0-17189	02-0426634
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6 Executive Circle, Suite 250, Irvine, California	92614
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (949) 250-7700

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.  (Update of Information Previously Reported Under Item 3.01)

Company Prevails on Nasdaq Appeal for Continued Listing

On December 29, 2009, the Nasdaq Hearings Panel granted the Company’s December 3, 2009 appeal for its common stock to remain listed on The Nasdaq Stock Market during the pendency of the Company’s voluntary Chapter 11 restructuring of its Brightwater credit facilities, with an outside date of April 26, 2010 within which to complete the process.

A copy of the press release announcing the Panel’s determination is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Exhibit Description
99.1	Press Release dated December 29, 2009

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 30, 2009	California Coastal Communities, Inc.
	By:	/s/ Raymond J. Pacini
		Raymond J. Pacini
		Chief Executive Officer

2

EX-99.1

EXHIBIT 99.1

NEWS RELEASE

Contacts:	Raymond J. Pacini
	Chief Executive Officer
	California Coastal Communities, Inc.
	(949) 250-7781

CALC WINS NASDAQ DELISTING APPEAL

· Company’s common stock continues to be listed during the pendency of credit facilities restructuring

IRVINE, California, December 30, 2009 — California Coastal Communities, Inc. (NASDAQ: CALC) announced today that on December 29, 2009, the Nasdaq Hearings Panel determined to grant the Company’s request to remain listed on The Nasdaq Stock Market, subject to certain conditions.  The Panel’s decision was based upon the Company’s December 3, 2009 appeal of the Nasdaq Staff’s decision to delist the Company’s common stock from the Nasdaq Stock Market due to the Company’s October 27, 2009 filing of a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code pursuant to which the Company is seeking to extend the maturity dates and change the repayment schedules for its approximately $182 million of Brightwater credit facilities in order to repay the debt in full by the end of 2013 based on currently expected home sales over the next four years.

The Panel’s continued listing decision is conditioned upon (i) the Company providing periodic updates as to the status of the Brightwater credit facilities restructuring efforts; and (ii) the Company emerging from the Chapter 11 process no later than April 26, 2010.

If the Company does not emerge by the April 26 deadline, the Panel stated that it would render a final decision to delist the common stock and halt trading on The Nasdaq Stock Market.  Once delisted, the Company’s common stock would not be immediately eligible to trade over the OTC Bulletin Board or in the “Pink Sheets;” however, the common stock may become eligible for such trading if a market maker applies to quote the common stock in accordance with Securities and Exchange Commission Rule 15c2-11, and such application is approved.

The Company is a residential land development and homebuilding company operating in Southern California.  The Company’s principal subsidiaries are Hearthside Homes which is a homebuilding company, and Signal Landmark which owns 105 acres on the Bolsa Chica mesa where sales commenced in August 2007 at the 356-home Brightwater community.  Hearthside Homes has delivered 2,200 homes to families throughout Southern California since its formation in 1994.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Certain of the foregoing information contains forward-looking statements that relate to future events or the Company’s future financial performance.  These statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements.  In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of such terms or other comparable terminology.  These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, goals, expectations and intentions, the number and types of homes and number of acres of land that the Company may develop and sell, the timing and outcomes of any such development, the timing and outcomes of court proceedings, lender negotiations, regulatory approval processes or administrative proceedings, cash flows or sales, and other statements contained herein that are not historical facts.

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