SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
AMENDMENT NO. 3
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CALIFORNIA COASTAL COMMUNITIES INC.
(NAME OF ISSUER)
COMMON STOCK
(TITLE OF CLASS OF SECURITIES)
129915203
(CUSIP NUMBER)
FURSA ALTERNATIVE STRATEGIES LLC
200 PARK AVENUE, 54TH FLOOR
NEW YORK, NY 10166-3399
(212) 922-8200
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED
TO RECEIVE NOTICES AND COMMUNICATIONS)
DECEMBER 15, 2006
(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(e), 13d-1(f) or 13d-1(g), check the following
box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) 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 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).
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CUSIP No. 129915203
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
Fursa Alternative Strategies LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d)
OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
915,366
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8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
915,366
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
915,366
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see
Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.4%
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14 TYPE OF REPORTING PERSON (see Instructions)
IA
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INTRODUCTION:
Mellon HBV Alternative Strategies LLC is filing this Amendment No. 3 to Schedule
13D to disclose (i) that, pursuant to the sale of Mellon HBV Alternative
Strategies to Mickey Harley, its chief executive officer, the name of Mellon HBV
Alternative Strategies has changed to Fursa Alternative Strategies LLC (the
"Reporting Person"), (ii) that the Reporting Person currently holds no
actionable intent with regard to influence or change of control of the
California Coastal Communities, Inc. (the "Issuer") and (iii) recent
transactions of the Reporting Person in Issuer's securities. The Reporting
Person retains the right, for itself and for affiliated investment funds and
separately managed accounts over which it exercises discretionary authority, to
continue to acquire or dispose of securities of the Issuer.
ITEM 2. IDENTITY AND BACKGROUND
(a) Fursa Alternative Strategies LLC
(b) The Reporting Person is a Delaware limited liability company with its
principal executive offices located at 200 Park Avenue, 54th Floor, New
York, NY 10166-3399.
(c) The Reporting Person is a registered investment adviser under the
Investment Adviser Act of 1940. The Reporting Person exercises
discretionary control on behalf of affiliated investment funds and
separately managed accounts with respect to the Company's Shares, and may
be deemed the beneficial owner of such shares.
(d, e) During the last five years neither the Reporting Person, nor, to the best
of its knowledge, any of its directors or executive officers, has been
(i) convicted of any 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 was 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.
(f) The Reporting Person is organized under the laws of Delaware.
ITEM 4. PURPOSE OF TRANSACTION.
The discussion under the heading Introduction above is incorporated
herein by reference.
ITEM 5. INTEREST IN SECURITIES OF ISSUER
(a) As of December 15, 2006, funds affiliated with the Reporting Person and
separately managed accounts over which it exercises discretionary
authority beneficially own 915,366 shares of the Company's Common Stock,
representing approximately 8.4% of the outstanding Common Stock (based on
10,852,708 shares outstanding as disclosed by the Company in its Form
10-Q for the period ended September 30, 2006 and filed with the
Commission on November 9, 2006).
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(c) The table below sets forth transactions in the Issuer's Common Stock that
the Reporting Person effected during the past sixty (60) days relating to
the Issuer. Each transaction set forth below is a sale.
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TRADE DATE ACTION QUANTITY PRICE
---------- ------ -------- ---------
10/19/2006 Sell 900 19.605888
10/24/2006 Sell 100 19.49
10/25/2006 Sell 7400 19.678783
10/26/2006 Sell 1000 19.664
10/27/2006 Sell 10000 19.6377
10/30/2006 Sell 2400 19.742916
11/1/2006 Sell 500 19.9513
11/1/2006 Sell 571 19.9513
11/15/2006 Sell 4200 18.426885
11/16/2006 Sell 2300 18.576508
11/17/2006 Sell 4000 18.71225
11/21/2006 Sell 6000 18.782666
11/29/2006 Sell 2600 20.552307
11/30/2006 Sell 4300 20.816279
12/1/2006 Sell 3131 20.974449
12/4/2006 Sell 1200 20.768333
12/5/2006 Sell 20000 21.2748
12/6/2006 Sell 5700 21.239894
12/12/2006 Sell 1000 20.98
12/13/2006 Sell 11100 21.30
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: December 18, 2006
Fursa Alternative Strategies LLC
By: /s/ William F. Harley III
---------------------------------
William F. Harley III
Chief Investment Officer
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