-----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, E8MjwOqmuYPfSPiK0751cT3dDCpPtYFuMX8+anNUbD8ettjbIEiMFnrXAQfgFQT+ o+XDU7AxpHBMJOBkCN88EA== 0000932799-97-000053.txt : 19970307 0000932799-97-000053.hdr.sgml : 19970307 ACCESSION NUMBER: 0000932799-97-000053 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19970306 SROS: NYSE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SPHERE DRAKE HOLDINGS LTD CENTRAL INDEX KEY: 0000908520 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-50587 FILM NUMBER: 97551761 BUSINESS ADDRESS: STREET 1: TROTT RD STREET 2: HURST HOLME CITY: HAMILTON HM11 BERMUD STATE: D0 BUSINESS PHONE: 8092920295 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 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. ) SPHERE DRAKE HOLDINGS, LTD. (Name of Issuer) Common Stock, Par Value, $0.01 Per Share (Title of Class of Securities) 001669100 (CUSIP Number) Stephen M. Davis, Esq. Werbel & Carnelutti A Professional Corporation 711 Fifth Avenue, New York, New York 10022, (212) 832-8300 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) February 28, 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 13-d-1(b)(3) or (4), check the following box [ ]. Check the following box if a fee is being paid with the statement [ ]. (A fee is not required only if the reporting person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7.) 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 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 13 SCHEDULE 13D - ------------------- ----------------- CUSIP No. 001669100 Page 2 of 13 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 674,810 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 674,810 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 674,810 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.7% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SEC 1746 (9-88) SCHEDULE 13D - ------------------- ----------------- CUSIP No. 001669100 Page 3 of 13 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* 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 325,190 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 0 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 325,190 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 325,190 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.8% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SEC 1746 (9-88) SCHEDULE 13D - ------------------- ----------------- CUSIP No. 001669100 Page 4 of 13 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* 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 674,810 - ---------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 674,810 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 674,810 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.7% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SEC 1746 (9-88) SCHEDULE 13D - ------------------- ----------------- CUSIP No. 001669100 Page 5 of 13 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* WC/OO/PF - ----------------------------------------------------------------------------- 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 2,000 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 1,000,000 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 2,000 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,000,000 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,002,000 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.5% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SEC 1746 (9-88) SCHEDULE 13D - ------------------- ----------------- CUSIP No. 001669100 Page 6 of 13 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* WC/OO/PF - ----------------------------------------------------------------------------- 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 42,000 - ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 1,000,000 - ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 42,000 - ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,000,000 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,042,000 - ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.7% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ============================================================================== *SEE INSTRUCTIONS BELOW BEFORE FILLING OUT! SEC 1746 (9-88) Page 7 of 13 Pages SCHEDULE 13D Item 1. Security and Issuer (a) Class of Securities: Common Stock, par value, $0.01 per share ("Common Stock") (b) Issuer: Sphere Drake Holdings, Ltd. ("Issuer") Trott Road Hurst Holme Hamilton HM11 Bermuda Item 2. Identity and Background (a-c), (f). The persons (the "Reporting Persons") filing this statement are SC Fundamental Inc., a Delaware corporation ("SC"), The SC Fundamental Value Fund, L.P., a Delaware limited partnership ("Fund"), SC Fundamental Value BVI, Inc., a Delaware corporation ("BVI Inc."), Gary N. Siegler ("Siegler"), a citizen of the United States and Peter M. Collery ("Collery"), a citizen of the United States. The principal business address of SC, Fund, BVI Inc., Siegler and Collery is 712 Fifth Avenue, New York, New York 10019. Fund is primarily engaged in the business of investing in securities. SC is the general partner of Fund. BVI Inc. is the managing general partner of the investment manager of SC Fundamental Value BVI, Ltd. ("BVI Ltd."), a company principally engaged in the business of investing in securities. The name, business address, present principal occupation or employment and citizenship of each executive officer and director of SC and BVI Inc. is set forth on Exhibit A hereto which is incorporated herein by reference. Siegler is a controlling stockholder, the president and a director of SC and BVI Inc. Collery is a controlling stockholder, vice president, and a director of SC and BVI Inc. Siegler and Collery are in a position to directly and indirectly determine the investment and voting decisions made by SC and BVI Inc., and, consequently, Fund and BVI Ltd. The Reporting Persons may be deemed to be a "group" within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934 (the "Act"). (d,e). During the last five years, none of the Reporting Persons, nor any of SC's and BVI Inc.'s executive officers or directors have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in its or his being 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 a finding of any violation with respect to such laws. Page 8 of 13 Pages Item 3. Source and Amount of Funds of Other Consideration The aggregate purchase prices of the shares of the Issuer's Common Stock ("Shares") purchased by the Reporting Persons as reported in Item 5(c) of this Schedule 13D were as follows: Name of Aggregate Reporting Person Purchase Price Fund $ 6,367,435.00 BVI Inc. on behalf of BVI Ltd. $ 3,060,255.00 Siegler $ 18,370.00 Collery $ 390,180.00 The Reporting Persons listed above purchased the Shares reported herein as beneficially owned by them with working capital of Fund and BVI Ltd. or with funds extended by brokerage firms in connection with margin transactions effected for Fund, BVI Ltd., Siegler and Collery. Item 4. Purpose of Transaction The Reporting Persons purchased the Issuer's Common Stock for investment purposes. The Reporting Persons currently have no plans or proposals which would result in any of the actions described in clause (a) through (j) of Item 4 of Rule 13d-101 of the Act. Item 5. Interest in Securities of the Issuer (a) As of the close of business on March 5, 1997, the Reporting Persons, by virtue of the language of Rule 13d-3(d)(1)(i), may be deemed to own beneficially 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 10-Q as of November 8, 1996). Siegler and Collery, by virtue of their status as controlling stockholders of SC and BVI Inc. may be deemed to own beneficially the Common Stock which SC, BVI Inc. and Fund are deemed to beneficially own. By virtue of BVI Inc.'s role as managing general partner of the investment manager of BVI Ltd., BVI Inc. may be deemed to beneficially own the Common Stock which BVI Ltd. beneficially owns. Siegler and Collery disclaim beneficial ownership of such shares of Common Stock and such percentage ownership of the Issuer's Common Stock for any and all purposes. Page 9 of 13 Pages
============================================================================== Name Shares of Common Stock Percentage - ----------------------------------------------------------------------------- SC Fundamental Inc. 674,810 3.7% - ----------------------------------------------------------------------------- The SC Fundamental Value Fund, L.P. 674,810 3.7% - ----------------------------------------------------------------------------- SC Fundamental Value BVI, Inc. 325,190 1.8% - ----------------------------------------------------------------------------- Gary N. Siegler 1,002,000 5.5% - ----------------------------------------------------------------------------- Peter M. Collery 1,042,000 5.7% ==============================================================================
(b) Each of SC Fund and BVI Inc. has the sole or shared power to vote or to direct the vote and to dispose or to direct the disposition of the Shares of which it is deemed the beneficial owner. Siegler and Collery may be deemed to share with SC, Fund and BVI, Inc. such powers with respect to the Shares of which SC, Fund and BVI, Inc. beneficially own. (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 purchase effected on the New York Stock Exchange (* reflects a sale).
BVI, Inc. Price Per on behalf Trade Date Share ($) Fund of BVI Ltd. Siegler Collery - ----------------------------------------------------------------------------- 11/20/96 10.125 138,000 62,000 0 0 - ------------------------------------------------------------------------------ 11/20/96 10.375 1,300* 700* 0 0 - ----------------------------------------------------------------------------- 11/25/96 9.458 103,400 46,600 0 0 - ----------------------------------------------------------------------------- 11/26/96 9.250 34,400 15,600 0 0 - ----------------------------------------------------------------------------- 11/27/96 9.000 7,800 3,200 0 0 - ----------------------------------------------------------------------------- 11/27/96 9.250 0 0 2,000 0 - ----------------------------------------------------------------------------- 12/04/96 9.000 40,700 18,300 0 0 Page 10 of 13 Pages - ----------------------------------------------------------------------------- 12/11/96 9.125 7,600 3,400 0 0 - ----------------------------------------------------------------------------- 12/12/96 9.125 11,800 5,300 0 0 - ----------------------------------------------------------------------------- 12/13/96 9.125 15,100 6,900 0 0 - ----------------------------------------------------------------------------- 12/16/96 9.000 1,300 700 0 0 - ----------------------------------------------------------------------------- 12/17/96 9.000 160,500 72,100 0 0 - ----------------------------------------------------------------------------- 12/23/96 9.000 8,700 3,800 0 0 - ----------------------------------------------------------------------------- 01/02/97 8.875 8,600(1) 8,600(1) 0 0 - ----------------------------------------------------------------------------- 02/28/97 9.250 115,830 59,170 0 0 - ----------------------------------------------------------------------------- 03/04/97 9.500 1,320 680 0 0 - ----------------------------------------------------------------------------- 03/04/97 9.250 38,260 19,540 0 42,000 - ----------------------------------------------------------------------------- (1) Re-allocation of shares between affiliates. - ------------
(d) To the best of Reporting Persons' knowledge, except as set forth herein, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any shares of Common Stock which Reporting Persons may be deemed to own beneficially. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of Issuer None. Item 7. Material to be filed as Exhibits Exhibit A -- Directors and Executive Officers of SC Fundamental Inc. and SC Fundamental Value BVI, Inc. Exhibit B -- Joint Filing Agreement dated March 6, 1997. Page 11 of 13 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: March 6, 1997 SC FUNDAMENTAL INC. By: /s/ Peter M. Collery - --------------------------------- 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/ 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* /s/ Gary N. Siegler - --------------------------------- Neil H. Koffler as Attorney-in-Fact for Gary N. Siegler* /s/ Peter M. Collery - --------------------------------- Neil H. Koffler as Attorney-in-Fact for Peter M. Collery* *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 12 of 13 Pages EXHIBIT A (i) DIRECTORS AND EXECUTIVE OFFICERS OF SC FUNDAMENTAL INC. The name and present principal occupation or employment of the directors and executive officers of SC Fundamental Inc. are set forth below. The business address of each director and executive officer is 712 Fifth Avenue, New York, New York 10019. All such persons are United States citizens. Present Principal Name and Position Occupation or Employment Gary N. Siegler President of Siegler, Collery & Co., SC Director, President Fundamental Inc., and SC Fundamental Value BVI, Inc. Peter M. Collery Vice President of Siegler, Collery & Director and Vice President Co., SC Fundamental Inc., and SC Fundamental Value BVI, Inc. (ii) DIRECTORS AND EXECUTIVE OFFICERS OF SC FUNDAMENTAL VALUE BVI, INC. The name and present principal occupation or employment of the directors and executive officers of SC Fundamental Value BVI, Inc. are set forth below. The business address of each director and executive officer is 712 Fifth Avenue, New York, New York 10019. All such persons are United States citizens. Present Principal Name and Position Occupation or Employment Gary N. Siegler President of Siegler, Collery & Co., SC Trustee Fundamental Inc., and SC Fundamental Value BVI, Inc. Peter M. Collery Vice President of Siegler, Collery & Trustee Co., SC Fundamental Inc., and SC Fundamental Value BVI, Inc. Page 13 of 13 Pages EXHIBIT B 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 Sphere Drake Holdings, Ltd. and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filings. In evidence thereof, the undersigned, being duly authorized, have executed this Joint Filing Agreement this 6th day of March 1997. SC FUNDAMENTAL INC. By: /s/ Peter M. Collery - --------------------------------- 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/ 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* /s/ Gary N. Siegler - --------------------------------- Neil H. Koffler as Attorney-in-Fact for Gary N. Siegler* /s/ Peter M. Collery - --------------------------------- Neil H. Koffler as Attorney-in-Fact for Peter M. Collery* *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. 91833 -----END PRIVACY-ENHANCED MESSAGE-----