UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT
TO RULE 13d-2(a)
(Amendment No. 36)*
First Financial Fund, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
320228109
(CUSIP Number)
Stephen C. Miller, Esq.
Krassa & Miller, LLC
1680 38th Street, Suite 800
Boulder, Colorado 80301
(303) 444-5483
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
November 1, 2004
(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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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 ss.240.13d-7 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).
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Ernest Horejsi Trust No. 1B
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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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 South Dakota
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Number of 7. Sole Voting Power 1,795,100
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 1,795,100
-----------------------------------------------------
Person With
10. Shared Dispositive Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,795,100
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 7.88%
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14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Lola Brown Trust No. 1B
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
--------------------------------------------------------------------------------
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 South Dakota
--------------------------------------------------------------------------------
Number of 7. Sole Voting Power 2,558,000
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 2,558,000
-----------------------------------------------------
Person With
10. Shared Dispositive Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 2,558,000
--------------------------------------------------------------------------------
12. Check 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) 11.22%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Mildred B. Horejsi Trust
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(A)
(B)
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) WC OO
--------------------------------------------------------------------------------
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 New York
--------------------------------------------------------------------------------
Number of 7. Sole Voting Power 1,922,400
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 1,922,400
-----------------------------------------------------
Person With
10. Shared Dispositive Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,922,400
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 8.44%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Stewart R. Horejsi Trust No. 2
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(A)
(B)
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) WC OO
--------------------------------------------------------------------------------
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 South Dakota
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Number of 7. Sole Voting Power 1,697,900
---------------------------------------------------
Shares,Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 1,697,900
-----------------------------------------------------
Person With
10. Shared Dispositive Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,697,900
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 7.45%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Susan L. Ciciora Trust
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(A)
(B)
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) WC OO
--------------------------------------------------------------------------------
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 South Dakota
--------------------------------------------------------------------------------
Number of 7. Sole Voting Power 1,359,800
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 1,359,800
-----------------------------------------------------
Person With
10. Shared Dispositive Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,359,800
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 5.97%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
John S. Horejsi Trust
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(A)
(B)
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) WC OO
--------------------------------------------------------------------------------
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 South Dakota
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Number of 7. Sole Voting Power 0
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 0
-----------------------------------------------------
Person With
10. Shared Dispositive Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 0
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 0%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Badlands Trust Company
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power 0
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power 1,359,800
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 0
-----------------------------------------------------
Person With
10. Shared Dispositive Power 1,359,800
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,359,800
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 5.97%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Stewart R. Horejsi
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) Not applicable
--------------------------------------------------------------------------------
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 United States
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Number of 7. Sole Voting Power 0
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power 0
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 0
-----------------------------------------------------
Person With
10. Shared Dispositive Power 0
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 0
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) X
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 0%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) IN
Amendment No. 36 to Statement on Schedule 13D
This amended statement on Schedule 13D relates to the Common Stock, $.001
par value per share (the "Shares"), of First Financial Fund, Inc., a Maryland
corporation (the "Company"). Item 4 of this statement, previously filed by the
Ernest Horejsi Trust No. 1B (the "Trust"), the Lola Brown Trust No. 1B (the
"Brown Trust"), the Mildred B. Horejsi Trust, the Stewart R. Horejsi Trust No.
2, the John S. Horejsi Trust (the "John Trust"), and the Susan L. Ciciora Trust
as the direct beneficial owner of Shares, and Badlands Trust Company
("Badlands") and Stewart R. Horejsi, by virtue of the relationships described
previously in this statement, are hereby amended as set forth below.
Item 3. Source and Amount of Funds or Other Consideration.
No change except for the addition of the following:
The total proceeds received by the John Trust for the sale of the 100
Shares reported in Item 5(c) was $2,068.60. Such Shares were sold in the open
market and effected by the John Trust on the New York Stock Exchange.
The total proceeds received by the Brown Trust for the sale of the 10,200
Shares reported in Item 5(c) was $221,299.05. Such Shares were sold in the open
market and effected by the Brown Trust on the New York Stock Exchange.
Item 4. Purpose of Transaction.
No change except for the addition of the following:
The Reporting Persons sold the Shares described in Item 5(c) of this
statement in order to reduce their equity interest in the Company and to
generate cash flow to pay current and future obligations. The Reporting Persons
have indicated a present intention to liquidate up to 900,000 Shares over the
next 12 months, subject to limitations imposed by Rule 144 of the Securities Act
of 1933, and have no present intentions of acquiring additional Shares. In
furtherance thereof, the Reporting Persons issued a press release on October 18,
2004, announcing their intent to sell a portion of their holding in the Company,
and filed Form 144 with the Securities and Exchange Commission on November 3,
2004, giving notice of the proposed sale.
Depending upon their evaluation of the Company's investments and prospects,
and upon future developments (including, but not limited to, performance of the
Shares in the market, the effective yield on the Shares, availability of funds,
alternative uses of funds, and money, stock market and general economic
conditions), any of the Reporting Persons or other entities that may be deemed
to be affiliated with the Reporting Persons may from time to time purchase
Shares, and any of the Reporting Persons or other entities that may be deemed to
be affiliated with the Reporting Persons may from time to time dispose of all or
a portion of the Shares held by such person, or cease buying or selling Shares.
Any such additional purchases or sales of the Shares may be in open market or
privately-negotiated transactions or otherwise.
Item 5. Interest in Securities of the Issuer.
No change except for the addition of the following:
(a) The Trust is the direct beneficial owner of 1,795,100 Shares, or
approximately 7.88% of the 22,791,382 Shares outstanding as of June 9, 2004,
according to information contained in the Company's 2004 Proxy Statement (the
"Outstanding Shares"). The Brown Trust is the direct beneficial owner of
2,558,000 Shares, or approximately 11.22% of the Outstanding Shares. The Mildred
Trust is the direct beneficial owner of 1,922,400 Shares, or approximately 8.44%
of the Outstanding Shares. The Stewart Trust is the direct beneficial owner of
1,697,900 Shares, or approximately 7.45% of the Outstanding Shares. The Susan
Trust is the direct beneficial owner of 1,359,800 Shares, or approximately 5.97%
of the Outstanding Shares.
By virtue of the relationships reported in this statement, Mr. Horejsi may
be deemed to share indirect beneficial ownership of the Shares directly
beneficially owned by the Trust, the Brown Trust, the Mildred Trust, the Stewart
Trust, the Susan Trust, and the John Trust. Mr. Horejsi disclaims all such
beneficial ownership.
(c) The table below sets forth Shares sold by the John Trust. Such sales
were effected by the John Trust on the New York Stock Exchange.
Approximate Price
Date Amount of Shares Per Share
(exclusive of commissions)
11/01/2004 100 $21.24
The table below sets forth Shares sold by the Brown Trust. Such sales were
effected by the Brown Trust on the New York Stock Exchange.
Approximate Price
Date Amount of Shares Per Share
(exclusive of commissions)
11/03/2004 7,300 $21.70
11/04/2004 500 $21.70
11/05/2004 2,200 $21.70
11/05/2004 200 $21.77
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.
Date: November 8, 2004
/s/ Stewart R. Horejsi
--------------------------------------------
Stewart R. Horejsi
/s/ Stephen C. Miller
--------------------------------------------
Stephen C. Miller, as Vice President of Badlands Trust
Company, trustee of the Ernest Horejsi Trust No. 1B, the
Lola Brown Trust No. 1B, the Mildred B. Horejsi Trust, the
Stewart R. Horejsi Trust No. 2, the Susan L. Ciciora Trust,
and the John S. Horejsi Trust.