-----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, GUkijm2SvcEZ6PTilWUoV4UeeCPwnwc2OUZsn73D8gtcQhjU1Vt7x0s83icOZ3/O iI2iw+lhtNsR4qvWqMJZbQ== 0000932799-97-000146.txt : 19971124 0000932799-97-000146.hdr.sgml : 19971124 ACCESSION NUMBER: 0000932799-97-000146 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19971121 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/A SEC ACT: SEC FILE NUMBER: 005-50587 FILM NUMBER: 97726306 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/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) 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) November 18, 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 [ ]. 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 11 107952 SCHEDULE 13D - ------------------- ------------------ CUSIP No. 001669100 Page 2 of 11 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 794,620 - ------------------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 794,620 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 794,620 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.3% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* PN ============================================================================== SCHEDULE 13D - ------------------- ------------------ CUSIP No. 001669100 Page 3 of 11 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 488,780 - ------------------------------------------------------------------------------ 8 SHARED VOTING POWER 0 - ------------------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 488,780 - ------------------------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 488,780 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.7% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* CO ============================================================================== SCHEDULE 13D - ------------------- ------------------ CUSIP No. 001669100 Page 4 of 11 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 794,620 - ------------------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 794,620 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 794,620 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.3% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* CO ============================================================================== SCHEDULE 13D - ------------------- ------------------ CUSIP No. 001669100 Page 5 of 11 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 - ------------------------------------------------------------------------------ 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 1,296,900 - ------------------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 1,296,900 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,296,900 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.1% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IN ============================================================================== SCHEDULE 13D - ------------------- ------------------ CUSIP No. 001669100 Page 6 of 11 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 42,200 - ------------------------------------------------------------------------------ 8 SHARED VOTING POWER 1,296,900 - ------------------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 42,200 - ------------------------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 1,296,900 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,339,100 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.3% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IN ============================================================================== SCHEDULE 13D - ------------------- ------------------ CUSIP No. 001669100 Page 7 of 11 Pages - ------------------- ------------------ ============================================================================== 1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Siegler, Collery & Co. Employees' Savings and Profit Sharing Plan - ------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - ------------------------------------------------------------------------------ 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 United States - ------------------------------------------------------------------------------ NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - ------------------------------------------------------------------------------ 7 SOLE VOTING POWER 0 - ------------------------------------------------------------------------------ 8 SHARED VOTING POWER 13,500 - ------------------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 13,500 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 13,500 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) .07% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* EP ============================================================================== Page 8 of 11 Pages AMENDMENT NO. 1 TO SCHEDULE 13D The Reporting Person consists of SC Fundamental Inc. ("SC"), The SC Fundamental Value Fund, L.P. ("Fund"), SC Fundamental Value BVI, Inc. ("BVI Inc."), Siegler, Collery & Co. Employees' Savings and Profit Sharing Plan ("Profit Plan"), Gary N. Siegler ("Siegler") and Peter M. Collery ("Collery"), hereby amend their Schedule 13D relating to the Common Stock, par value $0.01, of Sphere Drake Holdings Ltd. Item 3. Source and Amount of Funds of Other Consideration The aggregate prices of the Issuer's Common Stock (the "Shares") purchased by the Reporting Persons identified in Item 5(c) of this Schedule 13D were as follows: Name of Aggregate Reporting Person Purchase Price Fund $ 1,325,622 BVI Inc. on behalf of BVI Ltd. $ 830,962 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 and BVI Ltd. Item 5. Interest in Securities of the Issuer (a) As of the close of business on November 20, 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 September 30, 1997). Page 9 of 11 Pages
============================================================================== Name Shares of Common Stock Percentage - ------------------------------------------------------------------------------ SC Fundamental Inc. 794,620 4.3% - ------------------------------------------------------------------------------ The SC Fundamental Value Fund, L.P. 794,620 4.3% - ------------------------------------------------------------------------------ SC Fundamental Value BVI, Inc. 488,780 2.7% - ------------------------------------------------------------------------------ Siegler, Collery & Co. Employees' Savings and Profit Sharing Plan 13,500 .07% - ------------------------------------------------------------------------------ Gary N. Siegler 1,296,900 7.1% - ------------------------------------------------------------------------------ Peter M. Collery 1,339,100 7.3% ============================================================================== - ---------
Page 10 of 11 Pages (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. Each of the transactions set forth below reflects a sale effected by means of over- the-counter trading.
============================================================================== BVI, Inc. Price Per on behalf Trade Date Share ($) Fund of BVI Ltd. Siegler Collery - ----------------------------------------------------------------------------- 11/03/97 8.125 19,000* 19,000* 0 0 - ------------------------------------------------------------------------------ 11/14/97 8.188 59,910 30,590 0 0 - ------------------------------------------------------------------------------ 11/17/97 8.188 18,800 9,600 0 0 - ------------------------------------------------------------------------------ 11/18/97 8.188 46,340 23,660 0 0 - ------------------------------------------------------------------------------ 11/19/97 8.188 3,510 1,790 0 0 - ------------------------------------------------------------------------------ 11/20/97 8.188 32,170 16,430 0 0 - ------------------------------------------------------------------------------ - ----------
* Reflects a re-allocation of shares between affiliates. Page 11 of 11 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: November 21, 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* * Executed by Neil H. Koffler as Attorney-in-Fact for Peter M. Collery and Gary N. Siegler. The Powers of Attorney appointing Neil H. Koffler as Attorney-in-Fact were filed by the Reporting Persons as Exhibit A to Amendment No. 5 of Schedule 13D relating to US Facilities Corporation on August 4, 1995 and is hereby incorporated herein by reference. 107952 -----END PRIVACY-ENHANCED MESSAGE-----